Govt organises pre-bid meeting for auction of 11 coal mines

On Monday, the Ministry of Coal held a pre-bid meeting for prospective bidders to sell 11 coal mines. The ministry had also launched the second attempt of the bid for 11 coal mines, earmarked for the sale of coal in September. Single bids were fetched from the first attempt of the bidding launched on 25th March 2021. According to the Ministry of Coal, the presentations were prepared based on the terms and conditions of the bidding, technical details of the mines, National Coal Index by the State Bank of India (SBI) Capital Markets Limited, Central Mine Planning and Design Institute (CMPDI) and Deputy Director-General, respectively. The bidding process will take place online through a transparent two stages process based on percentage revenue share. The main features of the bidding are the introduction of the National Coal Index, easy participation without restrictions for earlier coal mines experience, flexibility in coal utilisation, optimising payment modes, efficient promotions via incentives for early production and using clean coal technology. Image SourceAlso read: Govt launches second attempt of commercial coal mine auction Also read: 15 CBM blocks on offer in the first bidding round in over a decade