February 20, 2018 / 7:40 AM / in 6 months

India allows private companies to bid for coal mines for commercial production

NEW DELHI, Feb 20 (Reuters) - India’s cabinet on Tuesday approved a plan to allow private companies to bid for coal mines for commercial production, a move that would help the country cut imports and boost local production.

“This is an important reform and will ensure affordable and reliable supply of coal,” Coal Minister Piyush Goyal told a news conference, adding that the move would allow Indian and foreign companies to mine coal.

Coal accounts for 70 percent of India’s power generation, and the country has a target to produce 1 billion tonnes by 2022. (Reporting by Sudarshan Varadhan; Editing by Malini Menon)

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