Government auction for commercial mining draws 38 bids

28 Jun 2022 , 09:57 AM

On Monday (27-06-2022), the coal ministry said that it had received a total of 38 bids from the three rounds of auctions for commercial coal mines. The coal ministry announced in a statement that the online bids submitted as part of the auction process would be opened on Tuesday at 10 AM and in the presence of interested potential bidders.

It said that offline submissions were due at 1600 hours on June 27, 2022, while online submissions for all coal mines had a deadline of 1200 hours on the same day. The fifth tranche of the commercial mines’ auction got a total of 28 offline offers for 15 coal mines, according to the coal ministry’s announcement.

Six bids were received for the nine coal mines that were put up for sale under the second attempt of the third tranche, according to the announcement. Four coal mines were put up for auction during the second try of the fourth round, and four offers were submitted in opposition to three coal mines.

The coal ministry began the fifth round of commercial coal mine auctions, which was the second attempt at the fourth and third tranche. In 2020, Prime Minister Narendra Modi announced the sale of 41 coal mines for commercial mining, claiming that this was a significant step toward achieving energy independence for India.

The prime minister declared that India will win the coronavirus fight, convert this catastrophe into an opportunity, and become self-sufficient as he started the auction of mines for commercial mining.