Rules for cancelled coal block auction soon

Coal and Power Minister Piyush Goyal Monday said new rules for auction of coal blocks are in the final stages of preparation.

"The auction rulings are being framed at this point and will be presented to me tomorrow (Tuesday) or day after," Goyal told reporters on the occasion of National Press Day.

The president has promulgated an ordinance that would allow re-auction of 214 coal blocks cancelled by the Supreme Court.

"By this ordinance, we have completely removed the discretion of the government in the reallocation of these mines," he said.

"As per the ordinance, the cancelled coal blocks will be put in a pool for auction to end-users in the three core sectors of power, steel and cement.

"To public sector undertakings, for their own end-use, we can give them back the mines," the minister said.

Goyal said in this scheme of things, state-run power generator NTPC would have a special place.

"NTPC will be the world's most valuable company by 2019. It will become an end-to-end-company, it will have coal, it will generate power and we also plan to make it distribute power," he said.