India: State may annul colliery permits

INDIA is in favour of cancelling permits for 172 coal mines given to companies after its top court termed allocations since 1993 illegal. These were mines where production had not started, attorney-general Mukul Rohatgi said in court yesterday. The court said last week that it was “leaving its options open” and set September 9 for its final hearing. Rohatgi sought regularisation of permits for 46 coal mines, 40 of which are operational and six are nearing the start of production. Should the court agree to government recommendations, it will jeopardise several projects. Morgan Stanley said after the ruling that Hindalco Industries and Jindal Steel & Power might be worst affected. – Bloomberg