President Pranab Mukherjee has given his nod to the coal ordinance proposed by the Cabinet last evening. This paves the way for the government to move forward with auction of coal mines after the Supreme Court cancelled the allocation of 214 coal blocks last month.
CNBC-TV18 learns from sources in the Rashtrapati Bhavan secretariat that the President has signed the ordinance today morning itself. The ordinance has now been sent to the Coal Ministry. According to coal ministry officials, the notification as well as the ordinance notification is likely to be put up in the Coal Ministry website.
The timeframe for e-auction mentioned by the government on Monday was around three-four months. It is learnt that 72 mines will be put for auction in the first phase and that will be done in the next three-four months. Around 35 of them have been developed, around 5 of them are nearly developed while around 30 of them are being developed. One has to now wait and see if the government is able to do that because the intent is definitely there, but the mechanism needs to be in place before these blocks are put for bids.
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