India to Start Process for Nation’s First Auction of Coal Blocks
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India, which traditionally gave away coal mines, will start the process of auctioning blocks for the first time after the nation’s top court canceled most of the existing permits, terming the allocations arbitrary and illegal.
The auction process, which was approved by the nation’s cabinet today, will start tomorrow with the registration of prospective bidders for 24 blocks, the coal ministry said in a statement, citing coal secretary Anil Swarup. The auction will start on Feb. 14 and end on Feb. 22 and the sale will be completed by March 31.