Coal Auctions 2.0: Your 10-Point Cheat Sheet

NDTV Profit Desk

10 Mar 2015, 01:32 PM IST

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After the success of the first round of coal auctions that fetched the government over Rs 1 lakh crore, the second round of coal auctions that started last week came to a close on Monday. Here's your 10-point cheat sheet to this story.

1) The cumulative proceeds to the government's coffers are estimated to have crossed Rs 2 lakh crore, according to the Coal Secretary. These include e-auction proceeds, royalty proceeds and upfront payment. The proceeds cover both the first and the second phase of the coal auctions.

2) A total of 15 coal blocks were up for auction in the second round. The auctions started on Wednesday, March 4 and ended on Monday, March 9.

3) Companies who have bagged the coal mines which were up for grabs in the second round of the auctions are - Usha Martin (Brinda & Sasai mines), Adani Power (Jitpur mine), Trimula Industries (Meral coal block), JSW Steel (Moitra mine), Mandakini Exploration and Mining (Mandakini mine), Hindalco (Dumri mine), Jindal Power (Tara block), Indrajit Power (Nerad Malegaon block), Jaypee Cement (Gare-Palma Sector-IV/8 block), Ambuja Cements (Mandla-South block), Monnet Power (Utkal C block), Araanya Mines (Lohari block).

4) Companies like SAIL and BALCO were also in the race for the second round of coal block auctions.

5) The second phase was not expected to be as aggressive as in the first phase as the government was offering non-operational but soon-to-be producing coal blocks in the second leg of auctions.

6) The first round of coal auctions saw aggressive bidding as they were for ready-to-operate mines.

7) Over 80 applications were found to be technically qualified to bid for the mines put on auction in the second round.

8) The government which was to begin the auction of second lot of mines last month had to put it off to March 4 because of litigation issues.

9) In the first round of auctions that had 19 mines up for grabs, the government released the names of successful bidders for just 15 mines.

10) From the first round, the four mines that were not allotted are being re-examined by the Nominated Authority as there were some issues including pricing of the bids.