New Delhi: The following are the highlights of The Comptroller and Auditor General of India (CAG) report on coal block allocations which was tabled in parliament Friday:
– Indian exchequer lost Rs.1.85 lakh crore ($37 billion) in arbitrary allotment of coal blocks
– 194 net coal blocks, with aggregate of 44,440 million tonnes coal, were allocated to different government and private parties up to March 31, 2011
– CAG has named 25 major companies as beneficiaries such as Essar Power, Jindal Steel and Power, Hindalco and Tata Power
– CAG has recommended competitive bidding process for coal block allocation to bring about transparency in the process
– Auditor has also suggested the setting up of an empowered group on the lines of the foreign investment promotion board for coal allocation.