Vedanta & other majors to tender commercial mining coal block auctions
Category: #headlines  By Pranali Mehta  Date: 2020-11-02
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Vedanta & other majors to tender commercial mining coal block auctions

Companies such as Vedanta Ltd., JSW Steel Ltd., Jindal Steel and Power Ltd., Hindalco Industries Ltd., and Adani Enterprises Ltd., amongst others are set to bid in the first commercial mining coal blocks auction in India. The 19 coal blocks auction will be held for a period of eight days, spanning over November 2 to November 9, as per the most recent calendar for electronic auction of the Coal Ministry.

Prime Minister Narendra Modi had previously launched the commercial mining auction process for 41 coal blocks in the country back in June. The move reportedly opened the coal sector to private players, becoming a prominent step in the direction of India’s achievement of self-reliance. The coal blocks auction is likely to gather a capital investment of Rs 33,000 crore over a period of next five to seven years, add sources.

The electronic auction, announced for five blocks in the country, comprises Urtan in Madhya Pradesh, Chakla in Jharkhand, Markhi Mangli-II in Maharashtra, Takli-Jena-Bellora (North) and Takli-Jena-Bellora (South) in Maharashtra, and Radhikapur (West) in Odisha. Companies like Adani Enterprises and Hindalco Industries will be bidding for the Chakla coal block in Jharkhand, while others like Vedanta Ltd., and Jindal and Power Ltd., will be competing for the Radhikapur (West) coal block in the state of Odisha.

Further, Yazdami International Pvt Ltd., Refex Industries Ltd., and Andhra Pradesh Mineral Development Corporation Ltd. will enter the competition for Maharashtra’s Markhi Mangli-II block, whereas Stratatech Mineral Resources Pvt. Ltd., and JMS Mining Private Ltd., will be vying for Urtan coal block of Madhya Pradesh.

According to the Prime Minister, the launch of the auction process marks the commencement of unlocking of India’s coal sector from the lockdown of decades and also intends to make India the largest exporter of coal. In spite of being the fourth largest producer at the global level, the country continues to be the second-largest importer of coal.

 

Source Credits:

https://www.bloombergquint.com/economy-finance/vedanta-adani-among-others-in-race-for-coal-blocks-to-be-auctioned-for-commercial-mining-from-mon

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Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

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