India received no bids for 15 of the 38 mines to be auctioned as a part of its plan to open up coal mining to private companies, reflecting little investor appetite for the sector clouded by environmental concerns and low margins.
“A total number of 82 bids from 46 companies have been received off-line/physically in the office of the nominated authority for 23 coal mines/blocks,” the coal ministry said in a statement late on Monday.
Coal production in India has largely been restricted to state-run Coal India Ltd and another smaller government-controlled company. Prime Minister Narendra Modi opened up coal mining to the private sector this year.
