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Coal block auction sees aggressive bidding

| | Feb 20, 2015, at 04:11 am
#Coal block auction sees aggressive bidding
New Delhi, Feb 19 (IBNS): Indian metal and cement companies have bid aggressively for coal blocks in the country's first auctions to sell mines, reports said on Thursday.
Four days after the coal block auctions began for the initial lot of 18 mines, the offers reportedly crossed Rs 60,000 crore on Thursday.
 
The Indian companies are bidding aggressively to cut imports and their dependence on inefficient government monopoly Coal India Ltd. 
 
Earlier, the Supreme Court in September last year had cancelled the allotment of 214 coal mines to various companies since 1993. 
 
In October, it had also issued an Ordinance to facilitate fresh allotment through auction.
 
The UPA government had only allowed the e-auction of coal and not mines.
 
Earlier Finance Minister Arun Jaitley had said that the entire process of re-allocation would be completed within three to four months.
 

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