E-auction of 10 commercial coal mines to start tomorrow

New Delhi: E-auction of 10 commercial coal mines will start from Tuesday (September 13), the Ministry of Coal said on Monday. The ministry had invited bids for coal mines for commercial coal mining. Technical evaluation of bids has been completed and forward e-auction for 10 coal mines will be launched on September 13, it said.

The ministry said that e-auction for eight coal mines will be conducted on Tuesday and for two coal mines on Wednesday (14th September 2022). The total peak rate capacity (PRC) of the mines being put up for e-auction is 39.31 million ton per annum.

The coal ministry, which is a nominated authority, has till now successfully auctioned 43 mines with PRC of 85.54 million ton per annum.

Last month, the ministry executed agreements with the successful bidders for 16 coal mines under sale of coal of 13th tranche, 14th tranche and second attempt of 12th tranche. Union Minister of Coal Pralhad Joshi said that in the near future more than 107 coal blocks will be made available for auction.

The minister said that during the last four months, Coal India has set a new record by producing around 207 million ton coal. He said the coal ministry was targeting production of 900 million ton this financial year and the target of CIL comes to 700 million ton.

In the 13th tranche, 88 coal mines were put up for auction out of which 10 mines had received two or more bids. In the 14th tranche, 99 mines were put up for auction out of which five mines had received two or more bids.  

In the second attempt of the 12th tranche, 11 coal mines were put up for auction. A total of seven bids were received for four coal mines from the bidders. Of these four mines, two or more bids were received for two coal mines and the remaining two coal mines received a single bid and were allocated to the successful bidders. 

The winning percentage revenue share for all these tranches were ranging from 5% to 344.75% with an average percentage revenue share of 58.07%.

Also read: Suzlon Energy shares surge 20% to hit upper circuit

Also read: Adani Group to create 3 giga factories in India, to generate 3 mn tons of hydrogen before 2030