Goyal defends cancellation of bids for four coal blocks

He said that the wide disparity in the prices of the blocks indicated that 'something was not right'

Union Minister of State for Coal Piyush Goyal on Tuesday defended the Union government’s decision to cancel bids for four blocks.

The minister, who did not name Jindal Steel and Bharat Aluminium Company Ltd (Balco) whose bids were cancelled last week, told reporters that in the case of the four Gare Palma blocks the price quoted varied widely from Rs 3,502 per tonne to Rs 3,001 to Rs 2,619 to Rs 1,585.

“This wide disparity indicated that something was not right with the prices quoted,” he said.

Goyal said the Coal Mines (Special Provisions) Bill, passed by both the Houses of Parliament, aims at transparent allocation or auction of coal mines. “'This will reduce the possibility of misuse of natural resources.”

On national rollout of LED bulbs, Goyal said it had resulted in a major reduction in prices.

He added the price of bulbs came down to Rs 81.93 from an earlier Rs 315.