Coal Block Auction To Be Completed By March 31, 2015

Coal Minister Piyush Goyal has said that e-auctioning of the cancelled coal blocks would be completed by March 31, 2015. Even if the bidding process is delayed, an authority has been empowered to take over the mines.

“In case the auctioning is delayed, then the Coal Mines (Special Provisions) Ordinance 2014 empowers a designated authority to take over the mines, which could not be bidded out,” he said in the Lok Sabha. He also said that about 200 million tonne of coal is expected to be produced following the auction of the first round of coal blocks.

After the Supreme Court cancelled the allocation of 204 blocks in September, The government is aiming to auction 72 mines by March 31, 2015 following cancellation of 204 coal blocks.

“As regards financial implication of the judgment on the coal sector, the total amount of additional levy payable by the allocatees of producing blocks for coal produced or likely to be produced up to March 31, 2015 is estimated at Rs 10,494.36 crore,” a news agency quoted him as saying.