Vedanta, Hindalco among winners of coal mine auctions

India’s Vedanta Ltd and Hindalco Industries Ltd were among the first private companies chosen to operate coal mines in the country without end-use restrictions, the government said on Monday.

The world’s second largest consumer of coal, India allocated 38 coal mines for auction to the private sector, offering financial incentives to attract investment and reduce imports.

The auctions are conducted in two stages, the first of which is the submission of a technical bid, evaluated by the coal ministry. The bidders who qualify then submit financial bids in which they detail what percentage of revenue would be paid to the government.