ECL Strengthens MDO Revenue Framework with Second Escrow Account Agreement for Chinakuri UG Mine

Sanctoria, Feb 9: Eastern Coalfields Limited (ECL) has signed a tripartite Escrow Account Agreement with Innovative Mining Projects Pvt. Ltd. (IMPPL) and the State Bank of India (SBI) for the Chinakuri Underground (UG) Mine, reinforcing its Mine Developer and Operator (MDO) framework.

Executed at ECL Headquarters in Sanctoria, this marks the second escrow-based financial structure under ECL’s MDO model, reflecting the company’s commitment to strengthening financial governance and expanding structured mining operations.

Under the MDO framework, the escrow mechanism institutionalises a disciplined cash-flow structure for coal sold through e-auctions. By routing sale proceeds through the escrow account, the mechanism mitigates counterparty risk, enhances financial oversight, ensures timely remittances, and supports uninterrupted mining operations while promoting transparency and accountability across the value chain.

The agreement was signed on behalf of ECL by Shri Shyam Sunder, GM (Finance) I/C, and Shri Santanu Chakraborty, HoD (Fund) & Technical Secretary to Director (Finance). IMPPL was represented by Directors Shri Navin Tulsyan and Shri Alok Kumar Agarwal, while SBI was represented by Shri Subhra Sarkar, Chief Manager, SBI Asansol.

This signing underscores ECL’s continued focus on adopting robust financial structures to support large-scale mining operations, enhance accountability, and contribute to India’s energy security