Business News | Government Issues Allocation Order for 12 Coal Mines
Get latest articles and stories on Business at LatestLY. The Ministry of Coal on Monday said it has issued allocation/vesting orders for 12 coal mines that are expected to generate annual revenue of Rs 3,569 crore and attract capital investment of Rs 3,208 crore.
New Delhi [India], October 10 (ANI): The Ministry of Coal on Monday said it has issued allocation/vesting orders for 12 coal mines that are expected to generate annual revenue of Rs 3,569 crore and attract capital investment of Rs 3,208 crore.
The Ministry of Coal has issued allocation/vesting orders for 12 coal mines for which the Coal Mine Development and Production Agreement (CMDPA) were signed on August 17, 2022, according to an official statement released by the Ministry of Coal.
Of the 12 coal mines, seven mines are under Coal Mines (Special Provisions) Act, 2015 and five coal mines are under Mines and Minerals (Development and Regulation) Act, 1957.
The cumulative PRC of the 12 coal mines for which Vesting Orders have been issued is 21 million ton per annum (MTPA) and Geological Reserve is 2300 million ton (MT).
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These mines are expected to generate annual revenue of Rs 3,569 crore calculated on the basis of PRC and will attract capital investment of Rs 3,208 crore. It will provide employment to approximately 28,800 people both directly and indirectly, the ministry said.
With the vesting/ allocation of these 12 coal mines, vesting/ allocation orders have been issued for total 39 coal mines under commercial auctions with a cumulative PRC of 83.10 MTPA. This will result in generation of an annual revenue of Rs 11,380 crore calculated on the basis of PRC of the coal mine to State Government and will generate employment for 1,12,344 people both directly and indirectly, the Ministry of Coal added. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)