Business News | Ministry of Coal Opens Bids for 14th Commercial Coal Auction Round, 49 Bids Received
Get latest articles and stories on Business at LatestLY. Bids were received for 24 coal blocks out of the 41 blocks offered in this round, reflecting sustained industry interest in India's commercial coal mining framework, it said in a statement.
New Delhi [India], December 23 (ANI): The Ministry of Coal on Tuesday opened the bids for the 14th round of Commercial Coal Blocks' Auction, witnessing encouraging participation from industry stakeholders.
Bids were received for 24 coal blocks out of the 41 blocks offered in this round, reflecting sustained industry interest in India's commercial coal mining framework, it said in a statement.
Out of the 41 coal blocks offered in this round, bids were received for 24 blocks, with a total of 49 bids submitted. The bidding process was conducted through a transparent hybrid mechanism, wherein online bids were decrypted and opened electronically in the presence of bidders. This was followed by the opening of sealed envelopes containing offline bid documents, also in the presence of bidders. The entire process was displayed live on screen to ensure complete transparency.
A total of 11 companies participated in the auction, including five new entrants bidding for the first time under the commercial coal mining regime. The entry of new players highlights growing industry confidence in the policy framework and the expanding opportunities within India's coal sector.
The Ministry of Coal stated that the bids will now be evaluated by a multi-disciplinary Technical Evaluation Committee. Bidders who are found technically qualified will be shortlisted for participation in the subsequent electronic auction, which will be conducted on the MSTC portal.
The sustained response to commercial coal block auctions underscores the pivotal role of the coal sector in supporting industrial growth, strengthening energy security, and contributing to India's broader economic momentum as the country progresses towards becoming the world's third-largest economy. (ANI)
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