Davos: Coal and Power Minister Piyush Goyal asserted that investors have no concern about ordinance route being adopted for coal auction, and said the entire process would generate over USD 100 billion in royalties and auction proceeds for various states.
At the World Economic Forum, the minister said, “The ordinance has a weight of law. Any action taken under ordinance has complete protection as if it was done within the legal framework of Act. Therefore, there are no concerns at all.” The Minister, who held a series of meetings with existing and potential investors in power and coal sectors as also with various government leaders during his three-day visit, said “the auction process is already on, people have started registering themselves on the website.”
Goyal added, “The bidding process will start next month and all mines won in the bid would be legally tenable and can never go wrong. I don’t think there is any cause for concern for any investor whatsoever.” Asked about the revenue to be generated from the auction, Goyal said, “The entire revenue that comes out of this auction will either go to the states or to the people of India in the form of lower power tariff.”
