Coal news and updates

Govt gets details of re-examination of 3 coal block winners

The coal ministry received details of re-examination of three coal block winners. It had asked for a re-examination of the bid process for three blocks - namely Gare Palma IV/1, IV/2&3 and Marki Mangli 3, sources say. These three coal blocks had gotten the lowest bids - Balco won Gare Palma IV/1 block at Rs 1,585/ tonne, Jindal Power won Gare Palma IV/2&3 at Rs 108/ tonne and BS Ispat won Marki Mangli 3 block at Rs 918/ tonne. Sources further add that a nominated body has told the government that the three blocks were auctioned as per rules and transparently. The government may also re-auction the blocks sent for re-examination to derive true value of the blocks. However, it has been learnt that the government is yet to decide on re-auctioning blocks sent for re-examination.

source: http://www.moneycontrol.com