APN News

  • Sunday, June, 2017| Today's Market | Current Time: 05:52:12
  • Coal block auction hits Rs 2.7 lakh crore, surpasses CAG’s loss estimate

    The coal auction kitty on Monday crossed two lakh crore rupees mark after two more mines coal scam 300x213 Coal block auction hits Rs 2.7 lakh crore, surpasses CAGs loss estimatewent under the hammer in the ongoing e-auction, surpassing CAG’s estimate of Rs 1.86 lakh crore lost due to allocating mines without auction during the previous regimes.

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

    The cumulative kitty of over Rs 2 lakh crore includes over one lakh crore rupees from sale of 19 mines in first tranche.

    The government aims to auction or allot 110 coal mines. Of these, 65 will be auctioned and 45 allotted to state-owned firms in a process to be completed before the end of the current fiscal year.

    Country plans to reach a coal production target of 630.25 million tonnes (mt) in the current financial year and a billion tonnes by 2019.

    Coal India the world’s largest coal miner, is struggling to meet rising demand for the fuel.

    While India’s power generation capacity has grown 60% over the last five years, coal production has expanded by only around 6%.