The Chief Minister stated that allowing 100 per cent FDI in coal for MNCs will carry a wrong message as it would contradict the very essence of Atmanirbhar Bharat and would also "kill the vision of self-reliant policy that we have been following since beginning".

"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," read the letter by Banerjee dated June 25.

Referring to the new policy announced by the "Central Government on allowing 100 per cent Foreign Direct Investment in the area of coal mining, associate processing and selling of coal," the Chief Minister expressed her 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. The recent trend and empirical evidence 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," the letter said."At the time when the world's largest coal mining company Coal India Limited (CIL) is producing 80 % of our coal with Profit Before Tax of Rs 27000 Crore (2018-19) and holding a Reserve of Rs 31,000 Crore, the decision of Central Government to relax FDI restrictions demeans the capability of CIL," she stated.

Banerjee said that 80 per cent of coal availability is located in the eastern region of the country that is why Coal India Limited, the major Central Public Sector Undertaking has been functioning with its headquarters located in Kolkata. -- ANI