News Brief | September 2014
UPA coal auction process under the lens
A government-appointed panel has found faults with the coal blocks auction process initiated during the UPA government's term, a move that could further delay allotment of captive mines to private firms. The UPA government had decided to benchmark value of coal blocks to a five-year average of global indices such as Platts and Argus. This came after the Comptroller and Auditor General of India said that free coal block allotment to private companies caused a loss of Rs 1.8 lakh crore to the exchequer. An advisory committee has questioned the move to value coal blocks at global prices.