CAG Performance Audit on the Allocation of Coal Blocks
Government auditor CAG on Friday said private firms are likely to gain Rs.1.86 lakh crore from coal blocks that were allocated to them on nomination basis instead of competitive bidding, which amounted to the loss to national exchequer.
The CAG in its report, tabled in Parliament, names 25 companies including Essar Power, Hindalco, Tata Steel, Tata Power and Jindal Steel and Power which have got the blocks in various states.
"Delay in introduction of the process of competitive bidding has rendered the existing process beneficial to the private companies. Audit has estimated financial gains to the tune of Rs.1.86 lakh crore likely to accrue to private coal block allottees," CAG said in a report on allocation of coal blocks.
Read the entire CAG report here: