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  1. Union Cabinet approves coal mines auction for commercial mining by private companies

Union Cabinet approves coal mines auction for commercial mining by private companies

The Union Cabinet on Tuesday approved auction for coal mines in the country for companies for commercial mining to pump up the economy, Union Minister Piyush Goyal told reporters.

By: | Updated: February 20, 2018 1:41 PM
coal india, coal india personnel director, personnel and industrial relations, western coalfields Union Cabinet approves coal mines auction for commercial mining by private companies. (Image: Reuters)

The Union Cabinet on Tuesday approved auction for coal mines in the country for companies for commercial mining to pump up the economy, Union Minister Piyush Goyal told reporters. “The move will create jobs and generate revenues in backward states like Odisha, West Bengal, Chattisgarh etc,” Piyush Goyal said, adding that the decision will also help in the production of clean coal.

He said that competition from private sectors helps enhance performance and efficiency of government-owned companies like Coal India. “We aim to make Coal India a robustly successful company,” the Railway Minister said that the bidding will take place through a transparent e-bidding platform.

Meanwhile, the Anil Agarwal of Vedanta told CNBC-TV18 that the coal mines auction for commercial mining is a bold and encouraging step and is a phenomenal opportunity. However, the Association of Power Producers also welcomed the step, but also said that the government needs to have strong regulations as well. Coal accounts for 70% of India’s power generation, and the country has a target to produce 1 billion tonnes by 2022.

Details awaited…

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