COAL & MINES

40% of India’s coal mines on offer find no takers, foreign firms stay away

India has received no bids for 15 of 38 coal mines it is auctioning to attract private investment, reflecting little appetite for the sector clouded by environmental concerns and low margins. The world’s second largest consumer, importer and producer of coal has offered a range of financial incentives to attract investment and reduce imports.

Coal production in India has largely been restricted to state-run Coal India Ltd and another smaller government-controlled company but Prime Minister Narendra Modi opened up the industry to the private sector this year.

“A total of 76 bids have been received for 23 coal mines,” the coal ministry said in a statement on Tuesday, adding that two or more bids have been received for only 19 of the 38 mines.

Source
business standard
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