Noting that recent controversies over natural resources have put stakeholders at risk, Essar group Saturday said such wealth cannot be the exclusive domain of the government if it wanted industry with the private sector.

Essar Group chairman Mr Shashi Ruia also said it has become more and more complex to manage businesses, especially if you take the position that you don't know what's going to happen.

He said that "Natural resources could not be the sole domain of the government if it wanted industry with the private sector.”

Speaking at the annual general meeting of industry body ICC, he said that controversies have brought all resources under question creating uncertainty and putting stakeholders at risk which were not anticipated.

He, however, did not elaborate on whether he desired that mining of coal should be opened up for the private sector.

Mr Ruia said that "Essar's coal mining projects are affected after the CAG note. Mining equipments worth INR 450 crore are lying idle and we are not able to move ahead."

It was reported that the Comptroller and Auditor General had estimated losses of crores of rupee to the exchequer on allotment of coal blocks during 2004 to 2009 without auction to 100 private and public sector companies.

Source - PTI

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