India Coal Block Auction Proceeds Cross Rs.2 Lakh Cr On Fifth Day

10 March, New Delhi

Government of India said that the proceeds from the ongoing coal block auctions has crossed two lakh crore rupees mark after two more mines went under the hammer in the ongoing e-auction.

On the fifth day of the second tranche of coal blocks auctions Monday two mines – Utkal C in Odisha and Lohari in Jharkhand are estimated to have fetched over Rs 11,000 crore.

Talking to reporters in New Delhi, Coal Minister Piyush Goyal said that the transparent e-auction of 32 coal blocks, out of 204 cancelled coal blocks, has already fetched Rs 2.07 lakh crores which include e-auction proceeds, royalty proceeds and upfront payment.

He said, the figure is far in excess of Comptroller and Auditor General loss estimate of Rs 1.86 lakh crore. The auctions follow the Supreme Court’s decision last year to cancel the allocation of 204 coal mines.

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