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, further consolidating its Mine Developer and Operator (MDO) framework.
The agreement, executed at ECL headquarters in Sanctoria, marks the company’s second escrow-based financial structure for an MDO project. It reflects ECL’s commitment to strengthening financial governance and expanding its structured MDO mining model. Under this framework, the escrow mechanism ensures a disciplined cash-flow structure for coal sold through e-auctions.
By routing sale proceeds through the escrow account, the system reduces counterparty risk, enhances financial oversight, guarantees timely remittances, and supports uninterrupted mining operations, while reinforcing transparency and accountability across the value chain.
The agreement was signed on behalf of ECL by Shyam Sunder, GM (Finance) I/C, and Santanu Chakraborty, HoD (Fund) & Technical Secretary to Director (Finance). IMPPL was represented by its Directors, Navin Tulsyan and Alok Kumar Agarwal, while SBI was represented by Subhra Sarkar, Chief Manager, SBI Asansol.
The signing underscores ECL’s focus on adopting robust financial structures to support large-scale mining operations, strengthen accountability, and contribute to India’s energy security.