Coal news and updates

Panel on proposed auction of coal linkages to meet next week

The inter-ministerial committee (IMC) formed for proposed auction of coal linkages through competitive bidding route is likely to meet next week.

"The second meeting of the IMC, constituted to consider and examine various structures and implementation models, for implementing the competitive bidding for auction of coal linkages and to recommend the optimal structure that would meet the requirement of all the stakeholders will be held on March 9," according to an office memorandum.

The meeting will be chaired by Coal Additional Secretary A K Bhalla, it said.

Government had earlier said it is mulling auctioning coal linkages through the competitive bidding route and has also constituted an inter-ministerial panel to look into various models to implement it. The move is aimed at bringing greater transparency in the allotment of linkages.

The development comes at a time when the allocation of coal blocks through auction route is due next month.

"The government is contemplating to introduce auctioning of coal linkages/LoAs (Letter of Assurances) through competitive bidding as the selection process," an official close to the development had earlier said.

The 16-member panel has representatives from ministries like Power, Railways, Steel and Legal. It also has a member from NITI Ayog and Chairman and Managing Directors (CMDs) of Coal India Ltd, Singareni Collieries Company Ltd and CMPDIL, among others.

"The Terms of reference of the IMC would be to consider and examine various structures and implementation models for implementing the competitive bidding for auction of coal linkages/LoAs and to recommend the optimal structure that would meet the requirement of all the stakeholders," the official had said.

source: http://economictimes.indiatimes.com