Business

Government to launch auction for commercial coal mining on June 18

The Ministry of Coal said on Thursday that the government would start auctioning coal mines for commercial mining with the theme “Coal Production: ATMANIRBHAR BHARAT for new items”.

Prime Minister Narendra Modi will participate as the Chief Guest at the launching event to be held in New Delhi.

“We are commencing the first commercial coal auction in the country on 18 June. PM @narendramodi will preside over the event. Creating #AtmaNirbharBharat in coal is his vision and guidance. I am proud that we are well on our way to achieve this, ”Union Coal and Mines Minister Pralhad Joshi said in a tweet.

The ministry’s statement said that it would be a historic day when the Indian coal sector would be free from the shackles of restrictions.

“As India has recently adopted the Atmanbir Bharat Abhiyan under the visionary and decisive leadership of Prime Minister Modi, through structural reforms in the coal sector, the coal and mining sector in coal mining has set the stage for making the country self-reliant (self-reliant). Tighten., “It said.

According to the government, commercial coal mining auctions are completely different from the earlier regime of restricted areas, use and price. Now there are no such restrictions at all.

The proposed auction has terms and conditions that are very lenient that allow new companies to participate in the bidding process, reducing the advance amount, adjusting the advance amount against royalties, coal mines and transparent bidding Said generous efficiency parameter to encourage flexibility to operate.

In addition, 100% FDI is permitted in the coal sector through automatic route.

Successful bidders will have greater flexibility in coal production than in the past and will provide incentives for initial production and coal gasification.

“The auction process of coal mines will lay a strong foundation for energy security in the country by producing additional coal providing massive employment and huge opportunities in the coal sector. These efforts are likely to generate 01 billion tonnes of coal from Coal India in FY23 Will complement. ” -24 meet the entire requirement of domestic coal, ”the Ministry of Coal said.

Back to top button
Close