Government, Energy News, ET EnergyWorld

New Delhi: The government announced on Friday that it would start next week the next round of auctions for 40 new blocks intended for the sale of coal.

The coal ministry having concluded a sliding auction mechanism, the renewed blocks of the previous tranche will also be offered, according to an official statement.

“The Ministry of Coal will launch the next round of auctions for forty new coal mines intended for the sale of coal,” the statement said. Coal and Mines Union Minister Pralhad Joshi will be the main guest at the launch event, the statement said.

The government, he said, is on a continuous path to reform the coal sector and unleash value for the country’s economy.

The success of these auctions will help further strengthen the vision of an Aatmanirbhar Bharat, as it will help reduce the country’s coal imports and ensure energy security.

Earlier, the Coal Ministry said it had signed agreements with eight successful bidders in the auction of the second tranche of coal mines for commercial mining.

Eight coal mines were 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 said.

The electronic auction of these mines took place the first week of August of this year.

At the first auction attempt under the 11th auction tranche under the Coal Mines (Special Provisions) Act 2015. And, in the first auction tranche under the MMDR law of 1957, of the 38 coal mines, 19 were successfully auctioned.

About Clara Barnard

Check Also

FIVE9, INC. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q)

You should read the following discussion in conjunction with the condensed consolidated financial statements and …