Twitter

Facebook

Youtube

RSS

Hindi News | Samay | UP/Uttarakhand | MP/Chhattisgarh | Bihar/Jharkhand | Rajasthan | Aalami Samay
  Rashtriya Sahara Roznama Sahara
Unleashing Coal: Commercial mine auction to start from June 18
Last Updated : 13 Jun 2020 06:43:58 PM IST
Union Minister of Coal & Mines Pralhad Joshi
Union Minister of Coal & Mines Pralhad Joshi

 

In a big reform initiative aimed at attracting global investment in the mining sector, the government proposes to start auction of coal mines for commercial extraction by private sector from June 18.

Prime Minister Narendra Modi will be the chief guest at the launching programme to be virtually held in New Delhi.
 
"We are launching first-ever commercial coal auctions in the country on 18th June. Event will be graced by PM @NarendraModi Ji. It is his vision & guidance to make #AtmaNirbharBharat in coal. I am proud that we are well on our way to achieve it," Union Minister of Coal & Mines Pralhad Joshi has tweeted.
 
 
The commercial coal mining auctions are completely different from the earlier regime of restricted sectors, use and price. Now there are no such restrictions at all.
 
The proposed auctions have terms and conditions which are very liberal, allowing new companies to participate in the bidding process, reduced upfront amount, adjustment of upfront amount against royalty, liberal efficiency parameters to encourage flexibility to operationalize the coal mines, transparent bidding process, 100% FDI through automatic route and reasonable financial terms and revenue sharing model based on National Coal Index.
 
The successful bidders will also have flexibility in coal production unlike past and have provision for incentives for early production and coal gasification.
 
The coal mines auction process will lay strong foundation for energy security in the country by producing additional coal, providing large-scale employment and huge opportunities for investment in the coal sector.
 
These efforts will supplement the 1 billion tonne coal production likely from Coal India in FY 23-24 and meet full requirement of domestic thermal coal.
 



IANS
New Delhi
For Latest Updates Please-

Join us on

Follow us on


What binds the two most talked about nations - India and Pakistan together? What makes the

Bollywood actress Sonakshi Sinha is enjoying her marital bliss. On Monday, the actress too

LG Electronics Inc said on Wednesday that it will introduce new C with its artificial inte

 

Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live
Samay Live

172.31.16.186