Modi government pockets in Rs 209740 Crore from the auction of 33 Coal Mines

By Newsgram Staff Writer

The government is set to pocket in more than Rs 2 lakh crore from the ongoing e-auctions of the coal fields, Power minister Piyush Goyal said.

The auction of coal blocks is an ongoing process and so far bidding for 33 coal mines/blocks has been completed. The total estimated amount of revenue likely to be generated from 33 coal mines already auctioned is Rs. 209740 Crore, Goyal said.

According to the Power Minister, no allocation of coal mines/blocks has been done through e-auction, previously. "Coal mines/blocks of Schedule-II and Schedule-III coal mines have been put to auction as per the provisions of the Coal Mines (Special Provisions) Second Ordinance, 2014, " Goyal said.

The minister also informed that the power fuel cost will reduce by approximately Rs.96971 Crore resulting in power tariff savings for consumers.