Govt generates Rs 1,748 cr from coal mines auction

The Dollar Business Bureau

The government has generated Rs.1747.7 crore from the auction of 31 coal blocks. So far, it has allocated 82 coal mines by way of auction/allotment. 

"The revenue generated till January 2017 from the auction of 31 coal mines is Rs 17,47,72,47,706," Coal and Power Minister Piyush Goyal said in a written reply to the Lok Sabha. 

"Out of the 82 coal mines, 31 coal mines have been allocated through e-auction," it said. 

"The revenue from the auction of coal mines under the provision of Coal Mines (Special Provisions) Act, 2015 comprises of Upfront Amount as prescribed in the tender document, auction proceeds and royalty on per tonne of coal production, which shall be devolving entirely to the coal bearing state government," he said.  

The minister said the government would continue to carry out an allocation of the remaining coal mines in 2017-18, adding that the government is yet to take a decision on reserving coal blocks for commercial mining. 

This emphasis is a part of the government’s plan to enhance domestic production of coal in order to reduce imports. India’s coal imports were 199.9 MT tonnes in 2015-16 and 217.8 MT in 2014-15. 

The other variety of coal, imported for blending with domestic coal, has also been on a decline. The quantity of coal imported in 2015-16 stood at 37.1 MT as against 48.5 MT in 2014-15.