Ministry of Coal conducts pre-bid conference for auction of 11 coal mines

The Nominated Authority in the Ministry of Coal launched the second attempt of an auction for 11 coal mines (four mines under the Tranche 12 of CM(SP) Act and seven mines under the Tranche 2 of MMDR Act) earmarked for sale of coal last month, informed the ministry on Monday.

According to a statement issued by the Ministry of Coal today, these were the mines which were offered in the first attempt launched on March 25, 2021, and had fetched single bids.

The ministry further stated that it has organised a pre-bid conference today for prospective bidders. Presentations were made on terms and conditions of auction, technical details of mines and National Coal Index by SBI Capital Markets Limited, Central Mine Planning and Design Institute (CMPDI) and DDG respectively.

The auction shall be held online through a transparent two-stage process, on the basis of percentage revenue share. Key features of the auction process include the introduction of the National Coal Index, ease in participation with no restriction for prior coal mining experience, full flexibility in coal utilisation, optimised payment structures, efficiency promotion through incentives for early production and use of clean coal technology.

Prospective bidders are in the process of registration and purchase of the tender documents from the auction portal. Similar to the wholehearted response received in the times of the Covid-19 pandemic, the Ministry of Coal expects greater participation from more companies in the times to come.

( With inputs from ANI )

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor