June 21st 2024.
On Friday, the Ministry of Coal announced the auctioning of 67 coal mines in eight states - Bihar, Chhattisgarh, Jharkhand, Madhya Pradesh, Maharashtra, Odisha, West Bengal, and Telangana. The Union Minister of Coal and Mines, G. Kishan Reddy, officially launched the 10th tranche of commercial coal mine auctions in Hyderabad. This tranche includes both fully explored and partially explored mines, as well as three coking coal mines.
The Ministry of Coal has been implementing various reforms to ensure the rapid growth of the coal sector and meet the energy demands of the country. For this 10th tranche, certain mines have been excluded from the auction if they fall under protected areas, wildlife sanctuaries, critical habitats, have forest cover greater than 40%, or are heavily built-up areas. In addition, the block boundaries of some coal mines have been revised to make them more attractive to potential bidders, especially if there are dense habitation, high green cover, or critical infrastructure in the area.
During the launch event, Minister Reddy highlighted the crucial role of coal as the lifeline for all industries and its significant contribution to achieving a $5 trillion economy. He urged all coal entrepreneurs to collaborate towards the nation's development and align with the vision of Prime Minister Narendra Modi to make India self-reliant in the coal sector by reducing our dependency on coal imports. He also emphasized the importance of increasing domestic coal production for the country's economic growth, stating that our efforts today will pave the way for a brighter future.
It was also announced that the revenue generated from the auctioned coal blocks will go to the respective state governments. In his keynote address, Secretary in the Coal Ministry, Amrit Lal Meena, stressed the need to boost coal production to meet the rising energy demands. He also emphasized the importance of ensuring the safety of workers and adopting global best practices to create a secure working environment.
Transparency and environmental sustainability are also key factors in this auction. The officials stated that strict measures will be taken to mitigate the impact of coal mining on the ecosystem and adhere to stringent environment sustainability measures. Additional Secretary, Ministry of Coal, M Nagaraju, highlighted the urgent need to explore more coal blocks to meet the surging demand for coal. He stressed the importance of leveraging private investment and expertise to ensure a steady supply of coal to various industries.
The sale of tender documents officially began on Friday, and interested parties can access details of the mines, auction terms, timelines, etc. on the MSTC auction platform and the Ministry of Coal's website. The auction will be conducted online through a transparent two-stage process, based on percentage revenue share.
This auction marks another step towards the Ministry of Coal's goal of increasing domestic coal production and reducing our reliance on coal imports. With the support and efforts of all stakeholders, the coal sector in India is set to grow rapidly and play a crucial role in the country's economic development.
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