Coal block auction for steel, cement off on poor response
NEW DELHI: Tepid response from bidders amid depressed commodity prices and market conditions has forced the government to call off the fourth round of coal block auctions meant for deregulated industries such as steel and cement.
“We have not got sufficient number of bids to carry on with the coal block auctions. We have received 15 bids for nine blocks… so in view of this, we had to annul the process,” coal secretary Anil Swarup told reporters on Wednesday.
The auction was launched last month with nine blocks and bidding was to open on January 18. Swarup said the industries for which the mines were being offered have been impacted due to adverse market conditions.
“As of now it appears that demand or financial commitment that they have to make in terms of acquiring these mines… they may not be in a position to do so because of the general condition of the market,” he said.
Read full article: TOI
NEW DELHI: City Businessman Nitin Shah, charged with hiring underworld don Babloo Srivastava to kill his business rival Lalit Suneja, Read more
NEW DELHI: 'Mr Lalit Modi has had a trail of failed ventures and defaults till four years back but has Read more
NEW DELHI: The Nifty50 closed with over 1 per cent gain in the week gone by, but traders will have Read more
NEW DELHI: Korean handset major Samsung has emerged as the biggest 4G player in India with its popular sub $150 Read more
