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LATEST NEWS UPDATES | Coal auctions: Modi govt's policy push to private miners will cost Chhattisgarh Rs 900 crore a year -Shreegireesh Jalihal & Tapasya

Coal auctions: Modi govt's policy push to private miners will cost Chhattisgarh Rs 900 crore a year -Shreegireesh Jalihal & Tapasya

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published Published on Aug 16, 2021   modified Modified on Aug 16, 2021

-Newslaundry.com

The government has sold coal blocks for far cheaper prices than they fetched five years ago.

In 2015, the Narendra Modi government auctioned two coal blocks in Chhattisgarh. Gare Palma IV/1 fetched a bid of Rs 1,585 per tonne while Gare Palma IV/7 was auctioned for Rs 2,619. The bid for the first block was too low, the government claimed amid allegations of cartelisation, and cancelled it. In case of the other, it shelved the contract after declaring that the successful bidder had violated its conditions.

It auctioned the mines again in November 2020. This time, the first block, with 159.4 million tonnes of coal, was sold to Jindal Steel and Power Ltd for Rs 342.25 per tonne, a quarter less than the rate the government claimed was too low five years earlier. The second block went for nearly 60 percent less than in 2015.

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Newslaundry.com, 16 August, 2021, https://www.newslaundry.com/2021/08/16/coal-auctions-modi-govts-policy-push-to-private-miners-will-cost-chhattisgarh-rs-900-crore-a-year


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