Expect process of coal mining auctions to conclude by March 2019: Coal Secy
In a bold move which will end Coal India’s monopoly. The cabinet has approved opening up coal mining to the private sector for commercial mining.
Coal minister Piyush Goyal announced that allocation will be done through auctions and that there would be no restrictions on end use or on prices.
In an interview to CNBC-TV18, Susheel Kumar, Coal Secretary, Government of India spoke at length about the announcement.
Kumar said that next month we are likely to announce the timeline as well as name and number of coal mines which are going to be offered.
He further said that we expect process of coal mining auctions to conclude by March 2019.
According to him, international coal miners will express interest in coal mine auctions. We have got feelers from international mining companies to invest in India, he added.
He mentioned that we have identified big blocks with 40-50 million tonne of reserves.
On logistics front, he said Indian Railways are gearing up to aid logistical issues with regards to supply.
He expect logistical issues for coal mining to be sorted out in next nine months.
Talking about Coal India, he said we expect government to bring down stake in Coal India to 75 percent in FY19.
For entire interview, watch accompanying video.