Coal Mines Auctioned By Indian Government Forced to Halt Production

Bloomberg reported that billionaire Kumar Mangalam Birla-owned Hindalco and Sesa Sterlite, have halted production at their coal mines, pending fresh permits.

As quoted in the market news,

The stoppage will last for about four months at the mine won by Monnet Ispat & Energy Ltd. in the central state of Chhattisgarh, company President Amitabh Mudgal said. Starting April 1, billionaire Kumar Mangalam Birla-owned Hindalco and Sesa Sterlite, the nation’s biggest aluminum producers, stopped work at the mines they acquired, said two company officials familiar with the development.

Click here for the full Bloomberg report