OREANDA-NEWS. Shri Piyush Goyal , Minister of State ( IC) for Power, Coal & New and Renewable Energy has formally launched the portal for e-auction of 24 coal mines here today . (www.mstcecommerce.com/auctionhome/coalblock) .With this , the registration process has been started and interested bidders with end use plants could visit MSTC website for the purpose. The registration process will be as per KYC norms and will be available on MSTC website.

While speaking on the occasion, Shri Piyush Goyal said that entire auction process will be transparent, efficient and conducted online only. However, 2 documents the Bank Guarantee comprising the bid security and an Undertaking stating that all information submitted is true and correct shall be received in hard copy. The auction process will comprise (i) Techno–commercial bid for qualification and (ii) Financial bid (e-auction) for selection of successful bidder. Only 50% of the qualified bidders from technical stage (subject to a minimum of 5 bidders) will be allowed to participate in the e-auction process.

Mines set aside for iron & steel, cement and CPPs will be auctioned through ‘Ascending Forward Auction’, where qualified bidders will quote incremental bids above the pre-determined floor price. Mines to be allocated for power sector will be auctioned through ‘Descending Reverse Auction’ to minimise impact on power tariffs of end use plants. Last date for receiving technical bids will be January 31, 2015 and list of qualified bidders will be placed on MSTC website on February 12, 2015.

E-auction of coal mines for qualified bidders will be held from February14, 2015 to February 22, 2015.The entire mine allocation process for Schedule II coal mines will be completed by March 23, 2015 with the signing of Coal Mine Development & Production Agreement and the Vesting Order.

The second phase of auction for 32 Schedule III coal mines will commence soon.