J&K lithium block fails to secure bids in 2nd attempt as well: Report

India's federally administered region of Jammu and Kashmir did not receive any bids in a second attempt to auction mining rights for lithium reserves found last year, according to a source with direct knowledge of the matter.

The government in February 2023 found its first lithium deposits in Jammu and Kashmir with estimated reserves of 5.9 million metric tons.

After it failed to get a required minimum of three bids in its first auctions in November, the block was again put up for auction in March with a May 14 deadline for bids.

The source, who declined to be identified as they were not authorised to talk to the media, said the block was likely to be given to a government agency for further exploration after no bids were made.

India's Ministry of Mines did not immediately respond to a Reuters request for comment.

As electric vehicles have focused on the need for lithium, used in making batteries, India has sought to secure assets overseas as well as domestically.

Analysts have however questioned the composition of the deposit in Jammu and Kashmir.

The Indian government in June last year, listed 30 minerals, including lithium, nickel, titanium, vanadium and tungsten as critical to its quest for cleaner energy.
 

Power firms told to order Rs 2.7 trn tools

The government has asked power companies to order equipment worth Rs 2.7 trillion this year to fast track capacity additions of coal-fired power in the years ahead, as the country struggles to meet booming electricity demand, two government officials said.

The unprecedented move, which would result in record tendering in a year for the equipment by major power firms such as state-run NTPC and SJVN as well as by private companies Adani Power and Essar Power, will help add 31 gigawatts (Gw) in the next 5-6 years, the sources said. Normally, the government leaves the tendering timing to the companies themselves.

Expediting equipment orders for new coal-fired plants was discussed at a meeting last month, the sources said.