Govt. eases norms for mines auctioning

    mines auctioning
    Successfully breaking out the more than four-decade-long nationalization of the coal industry, the Indian government has decided to ease rules for the auctioning of ten coal blocks. To open up commercial mining of coal to private miners, the government will neither be setting a minimum reserve price, nor will there be any net asset value of the coal blocks to be put up for bidding. Instead, investors offering the highest royalties, based on their own respective assessment value, will be granted the right to mine blocks, said official sources that a winning bidder will have full price freedom for production and will also have no restriction on merchant sales. Since the nationalization of the coal industry in 1973, the Indian government has permitted private mining of coal, but only for captive consumption to the linked end-use plant. The blocks including Chendipada, Chendipada II, Mahanadi and Machhakata in the eastern province of Odisha; Shankarpur Bhatgaon II, Durgapur II Taraimar, Durgapur II Sariya and Madanpur in the eastern province of Chhattigarh; Dongri Tal in Madhya Pradesh; and Mednirai in Jharkhand will be up for grab in the auctioning.
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