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India Lost $211 Billion From Coal Block Sales, Times Reports

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March 22 (Bloomberg) -- India lost 10.7 trillion rupees ($211 billion) by allotting coal blocks instead of auctioning them to private and state-run companies, the Times of India reported, citing a report by the government’s chief auditor.

About 100 companies gained “undue benefits” from the government’s policy, the newspaper said, quoting from a draft copy of the report. The Comptroller and Auditor General is expected to submit the report to parliament in the current session, the Times of India said.

B.S. Chauhan, a spokesman at the CAG’s office in New Delhi, said he could not comment on the report.

To contact the reporter on this story: Andrew Macaskill in New Delhi at amacaskill@bloomberg.net

To contact the editor responsible for this story: Peter Hirschberg at phirschberg@bloomberg.net

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