Govt set to reap a windfall from coal, spectrum auctions | business | Hindustan Times
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Govt set to reap a windfall from coal, spectrum auctions

business Updated: Mar 10, 2015 00:08 IST
HT Correspondent
HT Correspondent
Hindustan Times
Monnet Power Company

Monnet Power Company on Monday bagged the Utkal C mine in Odisha for `9,537.22 crore, as the auction of coal blocks entered the fifth day.

“Utkal C coal block closes at Rs 770 per tonne,” tweeted coal secretary Anil Swarup. Utkal C has extractable reserves of 123.86 million tonnes (MT).

The exchequer has already garnered Rs 1.74 lakh crore from the sale of 32 coal mines so far, including `1 lakh crore from the sale of 19 mines in the first tranche.

Swarup said proceeds from the ongoing auctions are likely to cross Rs 2 lakh crore. Besides, about Rs 97,000 crore of additional tariff benefit will accrue to consumers of power through reverse auction of coal blocks.

Meanwhile, the government is set to gain Rs 94,000 crore from spectrum auction in the 2,100 megahertz (MHz), 1,800 MHz, 900 MHz and 800 MHz Bands. The auction, which went through seven rounds on Monday, saw aggressive bidding for the metros. Till now, 31 rounds of bidding have taken place.

The 3G and broadband wireless access (BWA) auction together fetched the government over Rs 1.05 lakh crore in 2010. The government had raked in Rs 62,162 crore from the last spectrum auction held in February 2014.