Over 100 Industry Representatives Join Pre-bid Meeting for 10th Commercial Coal Mine Auctions

The Ministry of Coal held a pre-bidding meeting with over 100 industry representatives for the 10th round of commercial coal mine auctions. The virtual event, chaired by Additional Secretary M Nagaraju, launched the auction process for 67 coal mines, emphasizing revenue-sharing and increased participation.

In a significant move towards boosting coal production, the Ministry of Coal conducted a pre-bid meeting attended by over 100 industry representatives for the 10th commercial coal mine auctions. The virtual gathering, chaired by Additional Secretary and Nominated Authority M Nagaraju, took place on Friday and marked the official launch of this auction round on June 21, 2024, offering 67 coal mines.

During the meeting, the ministry provided a comprehensive overview of the auction process, with inputs from the Transaction Advisor, SBI Capital Markets Limited. CMPDIL, another advisory body, made a technical presentation on the coal mines available in this tranche. They addressed various queries from potential bidders, covering topics such as bid security, upfront amounts, rebates, and technical issues like borehole density and Peak Rated Capacity.

Emphasizing its commitment to maximum bidder support, the ministry encouraged participants to raise their queries with the Office of the Nominated Authority. The deadline for bid submission is set for August 27, 2024. Union Minister of Coal and Mines G Kishan Reddy inaugurated the auction process in Hyderabad, underscoring the aim to increase coal production in India.

The auction includes coal mines across Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, Telangana, and West Bengal. Notably, Odisha will see the auction of 16 mines, while Chhattisgarh and Madhya Pradesh will each offer 15. Previously, Coal India Limited (CIL) granted 23 coal mines to private bidders under a revenue-sharing model, aiming to utilize latent reserves in its closed and discontinued underground mines.

(With inputs from agencies.)