As first tranche of commercial coal mine auction concludes, minister hails 'historic feat'

Coal Minister Pralh Joshi during in New Delhi on Monday said that result of first tranche of commercial coal mine auction has been historic. Pralh Joshi informed that commercial coal mine auction started from vember 2 and until vember 9, 19 mines have been auctioned. 'se 19 commercial coal mines will generate revenue of 7,000 crore rupees,' he ded.  

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Commercial coal mine auction generates 7,000 crore revenue

coal minister said that upfront amount from this auction will be 1,048 crore rupees. 19 mines which have been auctioned include 11 open cast mine, 5 underground mines and 3 are from mix category. 'se mines are Jharkhand, Odisha, Chhattisgarh, Maharashtra and Mhya Presh, 'Joshi ded. He said that in total 76 bids were received for 23 mines, out of which 19 mines were eligible for technical bids. Throughout bidding process, Ministry consulted with state government, he ded. 

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Stating that success of this auction is around 50 per cent which is highest after 2015, Joshi requested state governments to proactively cooperate with bidders. Coal Secretary Anil Kumar Jain said that due to commercial terms, bidding round was different from or rounds. Minister appealed state governments to proactively cooperate with bidders, pointing towards Supreme Court verdict in 2015, Jain said that new methodologies like entry and ease of exit, incentive for early production and upfront payment. 

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Anuncing successful completion of commercial coal mine auction, Joshi thanked Prime Minister Narendra Modi for sharing his vision of 'Aatmanirbhar Bharat'. Highlighting success of event, Joshi said that this auction has t only liberalised coal sector, but has also helped boost country's ecomy. 

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