Coal news and updates

Auctioned Coal Blocks To Generate Annual Revenues Of Rs 20,000 Crore For States, Create 2 Lakh Jobs: Govt

The Ministry of Coal has said that once the auctioned coal blocks are operational, they will generate more than Rs 20,000 crores to the states as annual revenue and lead to direct and indirect employment of more than two lakh.

In a statement on Monday (30 January), the ministry said that it has successfully conducted five rounds of auctions till now, and auctioned 64  blocks with 152  Million Ton (MT) peak rate capacity (PRC). 

Further, the ministry informed that it has received "unprecedented response" to the coal block auctions under sixth round and second attempt of fifth round of commercial coal block auctions that was launched on 3 November 2022.  

The last date for submission of technical bids was on Monday (30 January).

"A total of 99 bids for 36 coal mines have been received in the physical form.  For sixth round, two or more bids were received for 25 coal mines, single bid for seven mines and 10 bids for four mines in second attempt of fifth round," the ministry said, adding that this is the biggest response received for commercial coal mine auctions that was launched by Prime Minister Narendra Modi on 18 June 2020.

The online bids for the auction will be opened today in the presence of interested bidders.

The ministry highlighted that it had taken a number of reforms in this auction round like permission to relinquish part mine, reduction in upfront amount and bid security, introduction of National Lignite Index, no revision of NCI till operationalisation of mine etc., to enhance the auction process.