New Delhi: Days after the government announced 100 percent FDI in coal mining, sources have said that India is planning to invite global bids for coal mining before year-end. The move will end Coal India Ltd's (CIL) monopoly in the coal mining sector.
India is one of the largest consumers of coal and the fossil fuel is one of the top five commodities imported by India. The decision to allow 100 percent FDI in coal mining was taken to curb India's growing coal imports by opening up the industry to competition.
The tenders are expected to attract global miners like Glencore PLC, BHP Group, Anglo American PLC and Peabody Energy Corp. Those who win the tender will begin development of coal blocks by early 2020, sources aware of the development said.
However, there's little clarity on when the government expects to see the first output from coal blocks.
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India's total import of thermal coal — used for generation of electricity — went up by a third during the quarter that ended on June 30 to settle at 56.23 million tonnes year-on-year.
Coal India and its subsidiaries are the only companies that are currently allowed to mine and sell coal in India.