Govt asks bankers to pitch in with Rs 1,000 crore for scheme

The Punjab Industries Department’s claim that it was set to rake in Rs 234 crore through the auction of 22 sand quarries across the state has turned out to be a pipedream. Having basked in the glory of raking in huge revenues for the state by auctioning its sand quarries with all environmental clearances, the department was in for a shock when just two successful bidders came forward to deposit the bid amount. The state thus received just Rs 11 crore.

Sources in the Industries Department informed The Tribune that they had received 50 per cent of the bid amount from just two successful bidders. While Rs 9 crore has been received from the highest bidder for Parchian Biharipur quarry in Ludhiana, Rs 2 crore has been received from the bidder for Gag Digara quarry in Jalandhar.

8 quarries fetch Rs 101 cr against reserve price of Rs 4.02 cr

High bidding may lead to higher sand, gravel rates. The first e-auction of sand mines, having environmental clearance in north India, today generated a lot of interest among mining contractors from across the region. The auction was held for eight quarries — three each in Jalandhar and Kapurthala and one each in Mohali and Ludhiana — spanning over 337 acres of land. Against the Punjab Government's reserve price of Rs 4.02 crore, the quarries fetched a record Rs 101.09 crore.

Sand rates may not fall much as state removes cap on selling price

The Punjab Government has removed the cap on the price at which sand and aggregate (sand and gravel) can be sold by the sand mining contractors to the general public. As the government gears up for e-auction of 23 sand quarries across the state beginning tomorrow, consumers can expect some relief from the escalating prices of sand and aggregate.