Mamata Banerjee writes to PM Modi over 100% FDI in coal mining

New Delhi/ Kolkata: Bengal Chief Minister Mamta Banerjee has expressed reservations about the central government's decision of allowing 100% foreign direct investment (FDI) in coal mining. In a letter written to Prime Minister Narendra Modi, she has requested him to reconsider the decision. "I express my serious reservation on this policy announcement on cogent grounds. This policy can neither bring foreign direct investments nor can it bring technologies or know-how which we are unable to access today," West Bengal CM wrote in her letter to Modi on Thursday night.

"The recent trend and empirical evidences clearly showcase the interest of global investors more in renewable energy projects as compared to coal mining projects. In fact, research suggests that about 100 global financial institutions have divested their thermal coal investments. Therefore, FDI in thermal coal is a far cry," Mamta Banerjee said.

The chief minister described the coal ministry's move to shift the desk offices of four of the Coal India Ltd's subsidiary companies from the state as an "abrupt decision" and requested the prime minister to intervene in the matter.

"I would, therefore, request you to kindly reconsider the decision of allowing 100% FDI in the coal sector and also strongly urge your kind intervention for advising the ministry of coal not to go ahead with the decision of Coal India Ltd to wind up their subordinate offices from Kolkata," she concluded.

"The recent trend and empirical evidences clearly showcase the interest of global investors more in renewable energy projects as compared to coal mining projects. In fact, research suggests that about 100 global financial institutions have divested their thermal coal investments. Therefore, FDI in thermal coal is a far cry,"- Mamta Banerjee, West Bengal Chief Minister

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