Sanctoria, February 7, 2026: Eastern Coalfields Limited (ECL) 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, the signing marks the second escrow-based financial structure for an MDO project within ECL, reflecting the company’s continued focus on strengthening financial governance and expanding the structured MDO mining model.
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 framework mitigates counterparty risk, enhances financial oversight, ensures 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 Shri Shyam Sunder, GM (Finance) I/C, and Shri Santanu Chakraborty, HoD (Fund) & Technical Secretary to Director (Finance). IMPPL was represented by its Directors, Shri Navin Tulsyan and Shri Alok Kumar Agarwal, while SBI was represented by Shri Subhra Sarkar, Chief Manager, SBI Asansol.
The signing underscores ECL’s focus on adopting robust financial structures to support large-scale mining operations, enhance accountability, and contribute to the country’s energy security.