Coal auction round 1: states to get Rs 1L crore: Coal secretary Anil Swarup
Coal-rich states will get Rs 1 lakh crore through e-auction, and Rs 12,800 crore royalty would go to such states in the next 30 years, said coal secretary Anil Swarup after the first round of auction that are scheduled to end by March 31, 2015.business Updated: Feb 23, 2015 23:58 IST
Coal-rich states will get Rs 1 lakh crore through e-auction, and Rs 12,800 crore royalty would go to such states in the next 30 years, said coal secretary Anil Swarup after the first round of auction that are scheduled to end by March 31, 2015.
The auctions are also expected to reduce the cost of power, and provide adequate fuel to increase power generation.
Anil Agarwal, who heads Vedanta Resources, said the e-auction could generate Rs 1.47 lakh crore and boost job creation. Vedanta Group firm Balco had won Chotia and Gare Palma IV/1 blocks, both in Chhatisgarh, in the first tranche of auctions on February 17 and 21 respectively. For Chotia, the company had quoted `3,025 a tonne. The mine has extractable reserves of 13.57 million tonnes (MT).
After the Supreme Court cancelled allocation of 214 mines in September, the government decided to auction the blocks. It had put 19 blocks on sale in the first tranche. E-auction for these blocks were held from February 14-23.
In the second round beginning on Wednesday, the government has 21 blocks on offer.
Auction to bring down tariffs: min
New Delhi: After the auction of 19 coal blocks, power consumers in the country stand to gain more than Rs 30,000 crore over a period of time by way of lower tariff, power and coal minister Piyush Goyal said on Monday.
“The first round of auctions will fetch the government over `1.3 lakh crore of which over `30,000 crore will be savings from reduction in power tariff,” Goyal said.
First Published: Feb 23, 2015 23:53 IST