Government inks production pacts for 3 coal mines to pave way for Rs 4,500 cr investment
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
https://t.me/InvestmentGuruIndiacom
Download Telegram App before Joining the Channel
The Ministry of Coal on Monday signed development and production agreements for three coal mines auctioned under the second attempt of the 7th round which are expected to bring in an investment of Rs 4,500 crore.
The mines for which agreements were executed 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, the Coal Ministry said.
The successful bidders are NLC India Limited, Gujarat Mineral Development Corporation Limited, and Tamil Nadu Generation and Distribution Corporation Limited, respectively.
The estimated annual revenue generation under commercial auction from these three mines is approximately Rs 2,991.20 crore, based on production at an aggregated peak rate capacity of around 30.00 MTPA. Once operational, these mines are projected to create approximately 40,560 direct and indirect jobs.
“This initiative represents a significant step towards achieving Atmanirbharta (self-reliance) in the coal sector, contributing to economic growth, employment generation, and ensuring the energy security of the nation,” the Coal Ministry said.
