The Union Government on Thursday started the auction process for 24 coal mines. This time the government has arranged the electronic bidding for the 24 coal blocks in the first tranche to maintain transparency in the bidding.
The Union Cabinet has approved re-promulgation of coal ordinance and necessary guidelines for the coal mine bidding and allocations.
Coal rich states would benefited from the e-auction of these coal blocks as state can get upto Rs. 7 lakh crore over next 30 years.
The Union Coal and Power Minister, Piyush Goyal has launched a portal for the e-auction of the 24 coal blocks in the first tranche – www.mstcecommerce.com/auctionhome/coalblock.
According to a statement issued by the government, only 50 per cent of the qualified bidder from technical stage (subject to a minimum of 5 bidders) would be allowed to participate in the e-auction process for the 24 coal blocks.