The Business Bytes
NEW DELHI, JULY 15, 2024 (TBB BUREAU): The Union Coal Ministry inked development and production agreements on Monday for three coal mines auctioned in the second attempt of the 7th round, paving the way for an anticipated investment of Rs 4,500 crore. The mines involved are the Machhakata coal mine, the Kudanali Lubri coal mine, and the Sakhigopal-B Kakurhi coal mine. While two of these mines are partially explored, one is fully explored, as per the Coal Ministry.
NLC India Limited, Gujarat Mineral Development Corporation Limited, and Tamil Nadu Generation and Distribution Corporation Limited emerged as the successful bidders for these projects. The estimated annual revenue from these mines, based on an aggregated peak production capacity of around 30.00 MTPA (million tonnes per annum), is expected to be approximately Rs 2,991.20 crore from commercial auctions. Once operational, these projects are projected to generate around 40,560 direct and indirect jobs.
“This initiative marks a significant stride towards achieving self-reliance in the coal sector, bolstering economic growth, fostering employment opportunities, and ensuring the nation’s energy security,” affirmed the Coal Ministry.
