The government is re-examining the bids for nine coal blocks, including those where Jindal Steel and Balco emerged as the top bidders and a final decision on their fate would be taken by this weekend -- amid speculation of cartelisation during their bidding process.
In a volte-face, Ficci today said the overwhelming response from investors to the ongoing coal block auctions is a testimony to the emerging opportunities in the sector and it expects "renewed investor interest" in the Indian economy.
Yesterday, the industry body had said that revisiting a documented bidding process in which investors have "participated in good faith tend to create needless trust deficit between industry, government and society."
At the time of filing the story, Ficci had not responded to the emailed query on the change in its stance.
The government is re-examining the bids for nine coal blocks, including those where Jindal Steel and Balco emerged as the top bidders and a final decision on their fate would be taken by this weekend -- amid speculation of cartelisation during their bidding process.
It is likely that the re-examined blocks may go to Coal India.
The industry body, in the statement issued today, said it sees a positive signal in the renewed investor interest in the Indian economy.
Lauding the government's "open and transparent approach" in the auction process, Ficci President Jyotsna Suri said the overwhelming investor response to the auction process is a testimony to the emerging opportunities in the sector and the open and transparent approach of the government.
However, yesterday Ficci Secretary General A Didar Singh said: "While we have full confidence in the government for having ensured a diligent and transparent bidding process via an electronic platform, any instance of reversing the process or withholding an award will adversely impact the overall business sentiment, particularly when the government is making all efforts to create a transparent, efficient and equitable regime for investments along with a 'Make in India' focus."
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