e-auction process for 24 coal mines to commence tomorrow

Coal blocks

New Delhi, Dec 24: The Ministry of Coal will commence the first batch of e-auction process for the 24 coal mines from Thursday. The process is in the wake of the Supreme Court order and in line with the provisions of Coal Mines (Special Provisions) Ordinance, 2014.

According to reports, Coal Secretary Anil Swarup on Wednesday said that out of the 24 mines proposed to be auctioned, seven are for power sector, 16 for other end use plants of iron and steel, cement and CPPs and one mine for steel sector (coking coal).

Swarup said that two mines each that is four mines shall be auctioned together-Gotitoria East and West and Gare-Palma IV/2 and IV/3.

Swarup further stated that bidders with specified end use plant are only permitted to participate in this auction.

“After own consumption, if there is any surplus coal, the successful bidder will be permitted to sell the surplus coal only to CIL at respective bid price or notified price of CIL for that specific grade of coal,” informed the Coal Secretary.

The registrations will commence on December 25, 2014 and interested bidders with end use plants could visit MSTC website for the purpose. The registration process will be as per KYC norms and will be available on MSTC website.

The Coal Secretary said the entire auction process will be transparent, efficient and conducted online only, adding that only 50 percent of the qualified bidders from technical stage subject to a minimum of five bidders will be allowed to participate in the process.

The e-auction will be held from February 14, 2015 to February 22, 2015. The entire mine allocation process for Schedule II coal mines will be completed by March 23, 2015 with the signing of Coal Mine Development and Production Agreement and the Vesting Order.

(With Agency Inputs)

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