By Bizodisha Bureau, Bhubaneswar, November 11, 2015 : The Union Government has sought early procession of auction of the iron ore mines from the Odisha Government, sources said.

Union Mines Secretary Balwinder Kumar, who called on Chief Minister Naveen Patnaik and Chief Secretary G C Pati here on Monday, is understood to have the impressed upon the officials present during the meet for such auctioning without further delay.

While the Union Coal Ministry has succeeded in auctioning coal blocks across the country and mopping up a whopping Rs two lakh crore in revenue, Balwinder Kumar urged the state government officials to accelerate the process of the iron ore auction in Odisha.

“The Centre is prepared to extend all possible assistance to the State Government in expediting the iron ore mines auction process”, Kumar told the Chief Minister.

The Ministry of Mines is also going to bear the cost of engaging the SBI Capital as the Transaction Advisor for carrying out auction of iron ore mines in the State, he added.

The reluctance of the state government to get into iron ore auction process at this juncture is attributed to the low price of iron ore in international market. Auctioning at this stage would not be prudent as it would fetch much less revenue to the State due to low bidding, officials said.