Coal mine auctions: Ministry will allow mines with less than 3 bidders to go under hammer


Coal mine auctions: Ministry will allow mines with less than 3 bidders to go under hammer

The Ministry of Coal is going to allow mines with less than three interested bidders to be auctioned in the 11th round of coal mine auctions. This significant move comes after the 8th, 9th and 10th auction rounds saw a poor response with just six of the 27 mines finding the minimum three bidders required to go under the hammer.

“The decision to allow the auction of mines with just two bidders is in line with the October 2018 recommendations of the Pratyush Sinha committee. This will be implemented in the next (11th) round of coal mine auctions,” a top Coal Ministry official told BusinessLine.

“In all, 45 bids were received for the blocks on offer, but an adequate number of bids were received for just six out of the 27 blocks on offer in the recent (8th, 9th and 10th round) auctions. Another six blocks received interest for allocation to State or Central government entities. Read More

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