Proceeds from the ongoing coal block auctions are likely to cross Rs 2 lakh crore, surpassing CAG´s estimate of Rs 1.86 lakh crore loss on account of the allocation of blocks without auction during the UPA regime.
´Likely proceeds from coal block auctions (may) cross Rs 2 lakh crore. These include e-auction proceeds, royalty proceeds and upfront payment,´ Coal Secretary Anil Swarup said.
´Apart from above, around Rs 97,000 crore of additional tariff benefit will accrue to the consumers of power through reverse auction of coal blocks,´ he added. His remarks come at a time when the government is set to garner over Rs 11,300 crore from sale of two mines including Utkal C to Monnet Power, on the fifth day of the second tranche of auctions. The government kitty swelled by an estimated s 9,537.22 crore from sale of Utkal C mine in Odisha to Monnet Power Company earlier in the day. Bidding for Lohari block in Palamu district of Jharkhand is underway and as per present bid price of Rs 1,992 a tonne, it will cross revenue of Rs 1,800 crore.
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