India's first coal exchange to be set up soon, says Minister Reddy

G Kishan Reddy (file photo)

Union Coal and Mines Minister G Kishan Reddy on October 21 said that India's first coal exchange would be set up soon, which is likely to facilitate more sellers and buyers to trade coal as a commodity.

The plan for setting up the coal exchange was discussed in a recent meeting, the minister said while talking to reporters on the sidelines of an event in New Delhi.

According to the coal ministry's action plan for 2024-25, the establishment of a coal trading exchange in the country would open up the coal market through an online trading platform, along with clearing and settlement mechanism and provide easy availability of dry fuel in the market.

The draft note for the Cabinet for setting up of coal exchange in the country was circulated for inter-ministerial consultations. "Final note for the CCEA has been approved by the Honorable Minister of coal," it said.

The Coal Exchange will work under the supervision of Coal Controller Organisation.

The minister further said that if required India will import coking coal from Russia.