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GIDC performance security and appoint a transaction advisor

GOA: In yet another reprieve for the state, the Centre has given Goa Industrial Development Corporation (GIDC) additional time to pay the performance security and appoint a transaction advisor for the Dongri Tal II coal block at Singrauli, Madhya Pradesh. Due to the Covid-19 pandemic, GIDC had written to the Union ministry of coal seeking more time to complete the formalities. This is the third extension given to Goa, the first being the 100-day grace period granted to the state government in February.

“The Central government has given us 45 days more, if one removes the weekends. The extension is from September 1,” said a GIDC official. GIDC has been unable to appoint a transaction advisor and obtain the funds, equivalent to a year’s royalty, required to formally develop the coal block. The industries department had constituted a monitoring committee headed by industries minister Vishwajit Rane and a selection committee under-secretary, industries Nila Mohanan.
 

The News24 Goa

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