INDIA RECEIVES NO BIDS FOR ITS 70% OF COAL MINES

Coal Mines

India has been unable to receive offers for 48 of the 67 mines it is selling as part of a plan to open up coal mining to private corporations, indicating a lack of capitalist interest in a sector plagued by environmental issues and low border security.

PM Modi suggested financial incentives to the private sector and decoupled the end-use of the fuel last year in an effort to reduce imports and make India a net coal exporter.

Only 19 of the 67 mines had generated interest, according to a statement released late Friday after a deadline for submitting technical bids had passed.

There were no bids for nearly half of the 38 mines in the previous year's sale for the first coal mining for the private sector without a limit on end-use of the fuel.

In India, manufacturing has mostly been confined to state-owned coal India Ltd and another smaller government-run firm.

While coal provides for 70% of India's power generation, the country has hit upon an unstoppable programme that projects a four-fold increase in green energy volume by 2030.

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