India is finalising revamped rules that govern coal auctions, an official said on condition of anonymity, as it aims to attract more bidders after poor response to recent auctions.
The move gains importance as thermal power plants—or those that generate electricity by burning coal—meet nearly three-fourths of India’s energy requirements. At least two recent coal auctions were cancelled after no bidder evinced interest. The official, while blaming the poor response on strict conditions, said the government is confident of holding fresh coal mine auctions this fiscal based on the new rules.
A high-powered committee chaired by former Central Vigilance Commissioner Pratyush Sinha, the official said, has made relevant recommendations in a report submitted to the government. The official said that the coal mine auctions weren’t held as they were awaiting the committee’s suggestions. The official said that the report—which is now with the cabinet secretary—needs to go to higher levels. Some of the committee’s recommendations will need approval from the cabinet. Read more
Latest posts by Bloomberg Quint (see all)
- Oil Relief Positive, But India’s Achilles’ Heel Is Earnings Growth: BNP Paribas - November 14, 2018
- India’s Coal Imports Rise 8% Between April And October - November 11, 2018
- Plan To Operate LNG Barges Along Ganga A Non-Starter - November 9, 2018