E-auction: Punjab gets Rs 1,026 crore bids for 89 sand mines | punjab | Hindustan Times
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E-auction: Punjab gets Rs 1,026 crore bids for 89 sand mines

The bid amount is 20 times higher than the last year when the government earned just Rs 40 crore, indicating the extent to which the sand mafia was controlling the business, causing loss to the state exchequer, Punjab government spokesman said.

punjab Updated: May 21, 2017 10:30 IST
HT  Correspondent
Punjab government
A total of 1,000 bidders participated in the e-auction of 102 mines conducted by the department of mining in four blocks on May 19 and 20 under the supervision of a retired High Court judge and two IAS officers from other departments. (HT Representative Image)

The Punjab mining department generated a revenue of Rs 1,026 crore by auctioning 89 sand mines. The amount collected in the two-day e-auction is the highest to date, according to a government spokesman.

The bid amount is 20 times higher than the last year when the government earned just Rs 40 crore, indicating the extent to which the sand mafia was controlling the business, causing loss to the state exchequer, the spokesman said.

“This will pave the way for more supply and stabilisation of sand prices,” the spokesperson said.

A total of 1,000 bidders participated in the e-auction of 102 mines conducted by the department of mining in four blocks on May 19 and 20 under the supervision of a retired High Court judge and two IAS officers from other departments.

Of the 102 mines put on auction, earnest money was received against 94, of which a total of 89 mines were auctioned.

The new mines for which the e-auctions have been successfully conducted will release an estimated 1.30 crore tonnes of material, thus adding to the existing capacity of 1.05 crore tonnes.

Located in the crucial, high-demand areas of Ludhiana, Mohali, Jalandhar and Amritsar, among other important regions, the mines, once operational, will fill the supply-demand gap for sand in the state to ease the pricing pressure.