Over 100 Industry Representatives Join Coal Mine Auction Meeting Led by M Nagaraju
The Ministry of Coal held a virtual pre-bidding meeting for the 10th round of commercial coal mine auctions, chaired by Additional Secretary M Nagaraju. Over 100 industry representatives attended the meeting, which marked the launch of this auction round on June 21, 2024, offering 67 coal mines.
During the meeting, the ministry, along with Transaction Advisor SBI Capital Markets Limited and technical advisor CMPDIL, provided a detailed overview of the auction process. They addressed various queries from bidders concerning bid security, upfront amount, rebates, and technical issues like borehole density and Peak Rated Capacity.
To boost participation, the ministry assured bidders of maximum support and encouraged them to direct their queries to the Office of the Nominated Authority. The bid due date for this auction tranche is August 27, 2024.
Union Minister of Coal and Mines G Kishan Reddy launched the 10th tranche of commercial coal mine auctions on June 21 in Hyderabad. The coal mines in this round are located in Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, Telangana, and West Bengal. Sixteen mines will be offered in Odisha, followed by Chhattisgarh and Madhya Pradesh with 15 coal mines each.
Previously, Coal India Limited (CIL) had awarded 23 coal mines to private sector bidders under a revenue-sharing model to exploit latent coal reserves in some of its closed and discontinued underground mines.
