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Tuesday, November 24, 2020
Home Business Foreign Firms Shun Indian Coal Mine Auctions, 40% Of Mines Find No...

Foreign Firms Shun Indian Coal Mine Auctions, 40% Of Mines Find No Takers

Authorities has obtained no bids for 15 of 38 coal mines it’s auctioning to draw non-public funding, reflecting little urge for food for the sector clouded by environmental considerations and low margins.

The world’s second largest shopper, importer and producer of coal has provided a variety of economic incentives to draw funding and scale back imports.

Coal manufacturing in India has largely been restricted to state-run Coal India Ltd and one other smaller government-controlled firm however Prime Minister Narendra Modi opened up the business to the non-public sector this 12 months.

“A complete of 76 bids have been obtained for 23 coal mines,” the coal ministry mentioned in a press release on Tuesday, including that two or extra bids have been obtained for under 19 of the 38 mines.

The billionaire Gautam Adani-controlled conglomerate, which bid for over half the 23 mines which can go underneath the hammer subsequent month, accounted for almost a sixth of all bids submitted, the coal ministry mentioned.

The participation by the Adani Group marks a change in technique from final month, when its chief monetary officer mentioned the conglomerate was not within the mines being auctioned.

The conglomerate submitted technical bids via 4 of its firms – Adani Enterprises Ltd, Chendipada Collieries Personal Ltd, Stratatech Mineral Sources Personal Ltd and Adani Energy Sources Ltd.

An Adani spokesman didn’t remark, however had mentioned final month the group may re-evaluate its participation if it noticed demand for coal selecting up.

Aluminium firms Hindalco Industries Ltd, Bharat Aluminium Co Ltd, Vedanta Ltd, Jindal Metal and Energy Ltd and JSW Metal Ltd had been among the many 42 firms which participated, the coal ministry mentioned.

Firms with little or no expertise in coal mining, similar to New Delhi-based ND Pharma Personal Ltd, Bansal Building Works Pvt Ltd and refrigerant fuel refiller Refex Industries Ltd had additionally submitted technical bids.

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