Central public sector undertaking Hindustan Copper ltd will be forming a Joint Venture Company (JVC) with Chhattisgarh Mineral Development Corporation limited (CMDC) with investment of Rs10 crore in the equity capital of JVC to explore and develop new copper mines in the State of Chhattisgarh.
The company informed in its filing to the Bombay Stock Exchange (BSE) that the Board of Hindustan Copper ltd has approved the proposal for formation of a JVC with Chhattisgarh Mineral Development Corporation limited (CMDC), a Government of Chhattisgarh Enterprise.
Incidentally, Chhattisgarh is also among 11 States in the country where Coal Bed Methane (CBM) blocks have been awarded recently to various Public Sector undertakings/private organisations in four rounds of bidding for exploration in the country. The exploitation of CBM, covers 17,200 sq km (66%) of the total available coal bearing area (26,000 sq km) in 11 States of India.
In order to harness Coal Bed Methane (CBM) potential in the country, the Central Government formulated a policy in 1997 wherein CBM being natural gas is explored and exploited under the provisions of Oil fields (Regulation & Development) Act 1948 and Petroleum and Natural Gas Rules, 1959 and administered by Union Ministry of Petroleum & Natural Gas.
As an ongoing process, Directorate General of Hydrocarbons carries out studies to shortlist and carve more CBM blocks for auction for the forthcoming CBM rounds in consultation with Central Mine Planning & Design Institute ltd and Ministry of Coal. This was stated by Union Minister of State for Power, Coal & New and Renewable Energy Piyush Goyal in a written reply to a question in the Rajya Sabha.