India pressed to investigate $34bn loss in coal sales
The Indian Government is under pressure to explain why a sale of state owned coal fields was carried out without any competitive bidding, a process that led to windfall profits of $34 billion, in total, for some companies.
The country's official auditor has claimed that between 2004 and 2009 power companies made undue gains from the national distribution of coal fields., a policy that left the government nursing huge losses.
The BBC's Sameer Hashmi reports that the auditor believes an auction of the state owned coal fields should have been held.
27 Aug 2012
- From the section Asia Business