The Ministry of Coal has announced that it has received an overwhelming response for the coal mines offered in the 9th round of commercial auctions, with as many as 40 bids submitted in offline form. The online bids, along with the offline ones, will be opened on February 20, 2024, in the presence of bidders. The auction process was launched on December 20, 2023, for 32 coal mines, with the last date for bid submission being February 19.
According to the Ministry of Coal, a total of 33 bids have been received under the 19th/9th tranche of auctions, where 2 or more bids have been submitted for 8 coal mines and single bids for 5 coal mines. Additionally, seven bids have been received under the 2nd Attempt of 17th/7th tranche of auction against three coal mines.
The response to the auction demonstrates the significant interest in the coal mines being offered, and it highlights the competitiveness of the commercial auction process. This could potentially lead to increased investment in the coal mining sector, contributing to the country’s energy needs and economic growth.
The Ministry of Coal’s effort to open up the coal sector through commercial auctions has been successful in attracting bids from various stakeholders, and the industry will be closely watching the outcome of the forthcoming opening of bids on February 20, 2024, to see which entities emerge as successful bidders for the coal mines on offer.
