NEW DELHI -- Coal India Ltd.'s board Monday approved a government proposal that it sign fuel-supply agreements with some new power producers in a week, but fixed itself a lower penalty if it fails to meet supply obligations, an executive said.
The diluted penalty obligation lifts key concerns of the board and the U.K.-based minority stakeholder--The Children's Investment Fund Management--which said the strict government clauses on shortfalls in supplies were against the company's interests.
"The board has approved signing of fuel supply pacts," said the executive who didn't wish to be named.
Coal India OKs Fuel Pacts With Power Producers - WSJ.com:
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