Coal ministry gears up for e-auction modalities

There is high probability that e-auction could be held in January

The Coal Ministry is gearing up to prepare the modalities of the proposed e-auction of coal blocks that may take place in January next year.

The coal ministry recently held a detailed discussion about it with mjunction Services Ltd, an e-commerce company promoted by Tata Steel and Steel Authority of India.

"The coal ministry was in touch with us recently and we had provided them all details required to prepare modalities for the e-auction of coal blocks," mjunction MD and CEO Viresh Oberoi told PTI.

Though the timeframe for e-auction mentioned by the government was around three-four months, there is high probability the e-auction could be held in January.

According to Oberoi, the ministry had said during discussions that the auctions could take place in January.

E-auction was capable of offering efficient and transparent auction, he said adding mjunction was confident to undertake the e-auction of coal blocks.

According to reports, some 72 mines may be put for auction in the first phase. Around 35 of them have been developed and five of them are nearly developed while around 30 of them are being developed.

The ministry was also in touch with Coal India's arm CMPDI informally for data on some coal blocks for purpose of auction.