The government is almost ready to
auction coal blocks through competitive bidding and the guidelines for this are likely in two to four months, Coal Minister
Sriprakash Jaiswal said.
"We will start the process of coal block auction through competitive bidding soon after finalising the guidelines for auction. The guidelines are almost ready and are expected in two to four months," said Jaiswal.
The remarks come amid furore in Parliament over an initial audit report estimating Rs 10.67 lakh crore loss to the exchequer on account of allotment of blocks to firms during 2004 to 2009 without auction, which was described as "exceedingly misleading" by the
CAG .
Jaiswal said views were obtained from different ministries on the draft guidelines and once the process starts it will bring transparency in the allotment.
In a bid to expedite competitive bidding, the government has already begun the process of hiring a consultant to come out with a methodology of fixing the minimum price for blocks on offer.
Coal India subsidiary CMPDI has been assigned the task for hiring a consultant to come out with a methodology of fixing the reserve price of blocks and finalising the bid document, and assist in bidding process.
Earlier, Jaiswal had said that the government had identified blocks to put on auction in the first round without disclosing the numbers.
Sources, however, say that the government is ready with over 50 blocks.
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