Press Esc to close
Saturday 29 August 2015
News updated at 11:56 PM IST
Weather
Max: 30.1°C
Min : 19.6°C
In Bengaluru
Partially cloudy

Coal auction: Ministry hopeful of resolving issues in 15 days

New Delhi, Nov 19 ,2012 (PTI)

The Coal Ministry today said it hopes to resolve differences within next 15 days with ministries like environment and power on the proposed bidding norms for auctioning of captive coal blocks.

The unresolved issues include whether to provide an "in principle" environment clearance to the blocks on offer, arriving at a benchmark floor price and offering discounted prices to sectors like power, Coal Secretary S K Srivastava said here today at a conference here.

Stating that an inter-ministerial group is deliberating on the issues, he added "hopefully within a period of next 10-15 days, we will be able to arrive at some common position on these issues and then come up with a final view (on bidding norms for coal blocks)".

The Coal Secretary further said that some ministries are in favour of putting up the blocks for auction with certain clearances like environment but it may not be feasible due to procedural reasons.

"We are in touch with Ministry of Environment on whether there can be a thing like conceptually providing in-principle approval which I feel may not be possible considering the processes which are to be involved. We are to still arrive at a final view but few of the ministries have said that blocks have to be given with clearances," he said, adding that this "requires lot of deliberations".

The IMG, which consists of various ministries including Steel, Coal, Power, Industries, Petroleum and Planning Commission, has so far met 3-4 times, he added.
While environment clearance is given by Ministry of Environment and Forests (MoEF), forest clearance are provided by respective state governments.

There has not been any provision so far of according an in principle environment clearance while approving a project, a senior government official said on the condition of anonymity.

Amid alleged irregularities in allocating coal blocks to various firms for their captive consumption in the past, the government had decided to allocate such blocks through auction route only.

Later it identified 54 such blocks for auction and asked Crisil to provide a report on the methodology to determine the reserve price for bidding of the blocks.

Crisil, which submitted its report last month, has reportedly suggested preparing a robust feasibility report of all the 54 blocks and using Discounted Cash Flow (DCF) method for valuation of the blocks.

The government auditor CAG in its recent report had said government could have accrued financial gains of Rs 1.86 lakh crore had it auctioned the 57 captive coal blocks that were allocated to private firms between 2004 and 2009.


Go to Top

Photo Gallery
Ex-servicemen celebrate Raksha Bandhan even as they continue their...

Ex-servicemen celebrate Raksha Bandhan even as they continue their...

Priest of Kumkum Swaminarayan temple gives final touch to a...

Priest of Kumkum Swaminarayan temple gives final touch to a...

Congress Vice President Rahul Gandhi paying obeisance at Hazratbal Shrine, in Srinagar...

Congress Vice President Rahul Gandhi paying obeisance at Hazratbal Shrine, in Srinagar...

Sand artist Manas Sahoo makes a sand art on the eve of Raksha Bandhan with a message...

Sand artist Manas Sahoo makes a sand art on the eve of Raksha Bandhan with a message...

A woman tying Rakhi to army soldiers on eve of Raksha Bandhan festival in Surat on Friday.

A woman tying Rakhi to army soldiers on eve of Raksha Bandhan festival in Surat on Friday.

Bollywood actor Ranbir Kapoor with fashion designer Manish Malhotra at his show...

Bollywood actor Ranbir Kapoor with fashion designer Manish Malhotra at his show...

Students celebrate Onam festival by making floral rangoli ‘pookalam’ at a public school...

Students celebrate Onam festival by making floral rangoli ‘pookalam’ at a public school...

Devotees watch a procession during Kumbh Mela or the Pitcher Festival in Trimbakeshwar...

Devotees watch a procession during Kumbh Mela or the Pitcher Festival in Trimbakeshwar...

Activists of Left Front affiliated peasants organisation break police barricades...

Activists of Left Front affiliated peasants organisation break police barricades...

Boys stand near the charred vehicles after the incidents of violence following the Patel...

Boys stand near the charred vehicles after the incidents of violence following the Patel...

Copyright 2014, The Printers (Mysore) Private Ltd., 75, M.G Road, Post Box 5331, Bengaluru - 560001
Tel: +91 (80) 25880000 Fax No. +91 (80) 25880523