National

Piyush Goyal launches Web Portal for E-auction of Coal Mines

New Delhi, Dec. 25: Union Coal Minister and Power Minister Piyush Goyal on Thursday launched a web portal for the e-auction of coal mines, after the Cabinet approved the ordinance for allocation of coal blocks and for allowing 49 percent FDI in the insurance sector.

Earlier on Wednesday, the Cabinet cleared the ordinance on the Coal Mines (Special Provisions) Bill, 2014, and Insurance Laws Amendment Bill, 2008.

The ordinance was passed after the Union Cabinet held a meeting at the Prime Minister's official 7, Race Course Road (RCR) in the capital.

The Confederation of Indian Industry (CII) has welcomed the government's decision to begin the auction process for coal blocks beginning December 25 reinforcing its resolve to kick start the stranded power sector.

The cabinet has decided to re-promulgate the coal ordinance that was introduced on October 20th 2014 after the Supreme Court scrapped over 200 coal block allocations. This decision will further re-instate the government position and commitment in carrying out the reform process in the country that will help developers infuse additional investments in the infrastructure sector in the country said Chandrajit Banerjee, Director General, CII.

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