India’s coal production up: but banks weigh up the risks

India’s coal production grew 8.55% year-on-year (YoY) to 223.36 million tonne (MT) during the June ended quarter. But banks are a little nervous. Of the 87 mines auctioned to private companies in the past three years in a push called “Unleashing Coal” – part of India’s energy self-sufficiency plans – only four are operating, with the rest awaiting financing, a coal ministry official said. Bankers’ wariness is partly seen stemming from India’s parallel push to boost renewable energy – which raises questions.