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Govt to launch auction of 40 new coal mines next week

Mini

The Ministry of Coal will launch the next round of auction process for 40 new coal mines for the sale of coal. Since the Ministry has entered into a rolling auction mechanism, the coal mines rolled over from the previous tranche will also be on offer.

Govt to launch auction of 40 new coal mines next week
The Ministry of Coal will launch the next round of auction process for 40 new coal mines for the sale of coal. Since the Ministry has entered into a rolling auction mechanism, the coal mines rolled over from the previous tranche will also be on offer.
Union Minister of Coal, Mines and Parliamentary Affairs Shri Pralhad Joshi will be the chief guest of the launch event to be held on October 12 in the Ministry.
Ministry of Coal and the Government of India, under the leadership of Prime Minister Shri Narendra Modi, are on a continuous journey to reform the coal sector and unlock value for the nation’s economy. The success of these auctions will help in further strengthening the vision of Aatmanirbhar Bharat as it will help reduce India’s coal imports and ensure energy security.
Earlier, the coal ministry had said that it has executed agreements with eight successful bidders pursuant to the auction of the second tranche of coal mines for commercial mining. Eight coal mines have been successfully auctioned with the winning percentage of revenue share ranging from 6 to 75.5 percent, with an average revenue share of 30 percent, the ministry had said.
The electronic auction of these mines was conducted in the first week of August this year. In the first attempt of auction under the 11th tranche of auction under the Coal Mines (Special Provisions) Act, 2015. And, under the first tranche of auction under the MMDR Act 1957, out of the 38 coal mines, 19 were successfully auctioned.
(With inputs from PTI)
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