"On the unfounded allegations reported by the media, on the CBI FIR against Hindalco and Chairman, Mr. Kumar Mangalam Birla, the reality of the matter is very different from what has been projected.

"In fact, the application for the Talabira II mine was made in 1996 by Indal, the Indian subsidiary of Alcan, the Canadian aluminium major. Indal was acquired by Hindalco in the year 2000, after which Hindalco pursued the matter further. The actual allocation of the mine was done in November 2005, which is nine years after the first application was made.

"In the interim, Hindalco made several representations to the Government as any corporation would normally make in such circumstances, and only through formal channels. To imply that our Chairman, Mr. Kumar Mangalam Birla, managed to overturn the decision of the Screening Committee, is preposterous. The truth of the matter is that the Talabira II and III mines together have been finally allotted jointly to Mahanadi Coal Fields and Neyveli Lignite, both public sector undertakings, with Hindalco having only a 15 per cent stake in the joint venture. The project for which this mine was allocated is ready to commission later this month whereas the clearances to permit mining have not been received so far. Consequently, no mining has been carried out. This will mean delayed returns from our project, which has been set up on a capex of over Rs. 11,000 crore.

"We hope this puts in perspective the struggle Hindalco has had to undergo for securing the coal and the irrecoverable economic loss that Hindalco has had to suffer. In the light of these facts, the allegations made are paradoxical".