To further Attract Participation in Commercial Auctions
The Ministry of Coal organized a roadshow in Ranchi today, where Secretary, Ministry of Coal, Shri Amrit Lal Meena was the chief guest and Additional Secretary & Nominated Authority, Shri M Nagaraju, Shri Aboobacker Siddique P, Secretary (Mines), Government of Jharkhand were the Guests of Honour and Shri P M Prasad, Chairman, Coal India Limited was the Special Guest for the event.
Coal Ministry has so far completed successful auction of 91 coal mines in the first seven tranches and has launched the process for auction of 35 coal mines under 8th round of commercial auctions and 4 coal mines under 2nd attempt of 7th round of commercial auctions which had received single bids in the first attempt on November 15,2023. The Bid Due Date is January 29,2024. Additionally, 9th round offering 27 coal mines and 5 coal mines under second attempt of 7th round has also been launched on December 20, 2023. The bid due date for 9th round is February 19,2024.
Additional Secretary & Nominated Authority, Mr. M. Nagaraju welcomed all the investors and informed the forum about the coal reforms undertaken by Ministry of Coal to improve the attractiveness of the coal auction process and make it more investor friendly.
Attending Virtually, Secretary, Ministry of Coal, Shri Amrit Lal Meena reiterated the commitment of the Ministry in supporting the coal industry and informed that Ministry of Coal will extending any help required by the prospective bidders. He also emphasised that the investors should participate in the coal mine auctions as coal mining business is highly profitable which can be seen from the coal mines which have already started coal production under commercial mining.
Shri P M Prasad, Chairman, Coal India Limited, applauded the efforts of Ministry of Coal in making Commercial Coal Mine Auctions a success by auctioning 91 coal mines in a such a short span of time. He also welcomed the steps being taken by the Ministry in providing support by launching Single Window Clearance system and setting up a Project Monitoring Unit to help the Successful Allocatees of the coal mine in early operationalisation.
Shri Aboobacker Siddique P, Secretary , Mines, Government of Jharkhand welcomed the investors and Mr. Chiranjib Patra, GM, CMPDIL gave a presentation on the technical details of the coal blocks being offered in the commercial auction process, and Mr. Shubham Goel, Vice President, SBI Capital Markets delivered a presentation on the terms and conditions of the auction process.