Centre receives 38 bids for auction of coal mines for commercial mining
1 min read . Updated: 27 Jun 2022, 08:25 PM IST
Premium- The bids were received under three tranches of commercial coal mine auctions
NEW DELHI : The union coal ministry on Monday said that it has received a total of 38 bids for auction of coal mines for commercial mining
The bids were received under three tranches of commercial coal mine auctions.
In a statement, the ministry of coal said that it had launched that the fifth tranche, second attempt of fourth tranche and second attempt of third tranche of commercial coal mine auction on March 30, 2022. The last date for submission of technical bids for all the coal mines was on June 27, 2022.
“Under fifth tranche of auctions, a total of 28 offline bids were received against 15 coal mines, where two or more bids have been received for eight coal mines," it said. Under second attempt of third tranche, a total of nine coal mines were put up for auctions, while six bids have been received against six coal mines.
Further, under the second attempt of fourth tranche, a total of four coal mines were put up for auctions and four bids have been received against three coal mines.
The online bids received as part of the auction process will be opened from 10 am onwards on June 28, 2022.
The auction of coal mines for commercial mining started after government allowed commercial mining by private players in 2020.
So far, government has auctioned around 47 coal mines to private players. Commercial coal block auctions are conducted in a two-stage online bidding process, which involves technical screening and submission of competitive initial price offer in the first stage, and a second and final stage where better price offers are intended to be received.
The auctions also gain significance as India is looking at raising its coal production in order to meets its rising power demand. In FY22, India’s coal production touched a record level of 777 million tonne, with a year-on-year growth of 8.55%.
