Consultative meetings with stakeholders to discuss methodology for commercial coal mining on Jan 28-29
This meeting will be held in Kolkata and Mumbai on January 28 and 29, respectively, the coal ministry said in a notice.
"All interested stakeholders are encouraged to view the discussion paper and the mine specific details and attend the stakeholder's consultation meet," it said.
The notice said that the process for auction of coal mines for sale of coal under the Coal Mines (Special Provisions) Act, 2015 and the Mines and Minerals (Development and Regulation) Act, 1957, has been initiated.
"A discussion paper containing the draft methodology and key bidding terms and conditions on the auction of coal mines for sale of coal has already been uploaded on the website of Ministry of Coal," it said adding that in this regard, "roundtable meetings for stakeholders' consultation" are scheduled on January 28 and 29, 2020.
Earlier, this month the government had said that it is initiating the process of coal auctions and the first round of sale of blocks under commercial mining is proposed to be launched in the ongoing fiscal.
The announcement came days after the government approved an ordinance to ease coal mining laws that will see more local and global players enter the Indian coal sector.
A company or a joint venture company incorporated in India is eligible to participate in commercial coal auctions, the coal ministry had said in a statement.
"Moving ahead after the recent amendments in MMDR Act 1957 and the CMSP Act 2015, the Ministry of Coal is initiating the process for auction of coal mines for sale of coal. Expected to be held in multiple tranches, the first tranche is proposed to be launched in the current financial year," the government said said.
The bidders would be required to bid for a percentage share of revenue payable to the government. The floor price shall be four per cent of the revenue share, the coal ministry notice said.
The government has released a list of 74 mines which it plans to auction under commercial mining.
(This story has not been edited by Business Insider and is auto-generated from a syndicated feed we subscribe to.)
- FPIs invest over ₹36,000 crore in Indian equities in November – Financial services is top favourite
- Dyson’s futuristic air-purifying, noise-canceling headphones are ready to hit the market from January 2023
- Wordle is the most googled topic in 2022, here's how it started and how to play it
- Apple expands end-to-end encryption to iCloud in a bid to make it safer for vulnerable profiles like celebrities, activists, or journalists
- BharatPe sues Ashneer Grover and wife for swindling firm; asks them to repay ₹88 cr