Electrosteel Castings hands over coal block to CIL arm

NEW DELHI: Electrosteel Castings today said that it has handed over Parbatpur coal block in Jharkhand along with other assets to BCCL, a subsidiary of Coal India.

"The Company has handed over the Parbatpur coal block along with other assets with effect from April 1, 2015 to (GM) Eastern Jharia area of BCCL as per the direction from Coal India Ltd (CIL)....," Electrosteel Castings said in a filing to BSE.

Parbatpur mine one of those blocks whose allotment was cancelled by the Supreme Court last year

Electrosteel Castings had earlier sought government's permission to dispose of its washery rejects and inferior ungraded coal stating that it has to pay huge capital as penalty following the Supreme Court's cancelling the allocation of coal blocks.

Shares of the company today plunged by 0.53 per cent to close at Rs 18.85 a scrip on the BSE.