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Last day of commercial auction: Sarda Energy and Minerals wins coal block in Chhattisgarh

Sarda Energy and Minerals made a final offer of 66.75 per cent revenue sharing for Gare Palma IV/7 coal block which is likely to generate an annual revenue based on peak rated capacity (PRC) of mine at Rs 210.49 crore, the coal ministry said in a statement. Companies like Adani Enterprises Ltd, Bharat Aluminium Co Ltd (Balco), Hindalco Industries Ltd, Jindal Power Ltd and JSW Steel Ltd were also vying for the mine.

PTI | New Delhi | Updated: 09-11-2020 20:32 IST | Created: 09-11-2020 20:32 IST
Last day of commercial auction: Sarda Energy and Minerals wins coal block in Chhattisgarh

On the seventh and last day of commercial coal mine auction, Sarda Energy and Minerals Ltd on Monday won a block in Chhattisgarh having a geological reserves of 234.205 million tonnes. Sarda Energy and Minerals made a final offer of 66.75 per cent revenue sharing for Gare Palma IV/7 coal block which is likely to generate an annual revenue based on peak rated capacity (PRC) of mine at Rs 210.49 crore, the coal ministry said in a statement.

Companies like Adani Enterprises Ltd, Bharat Aluminium Co Ltd (Balco), Hindalco Industries Ltd, Jindal Power Ltd and JSW Steel Ltd were also vying for the mine. "One coal mine of Chhattisgarh was put up for auction on Day 7 of commercial coal mine auction," the ministry said.

"The total geological reserves of the mine put up for auction was 234.205 MT with a PRC of 1.2 MTPA (million tonnes per annum)," the ministry said. The e-auction witnessed strong competition amongst the bidders with the mine attracting good premium over the floor price, it said.

With the coal auction of Gare Palma IV/7 coal block, the government has successfully auctioned 19 coal blocks for commercial mining. Out of 38 mines put on auction, 19 mines were successfully auctioned. Forty-two companies participated in the auction, out of which 40 were private players.

Total 76 bids were received for 23 mines, wherein 19 mines had received two or more bids and were found eligible for opening of technical bids. For three mines, there were single bids. In June, Prime Minister Narendra Modi launched the auction process for 41 coal blocks for commercial mining.

Some of the corporate biggies that have bagged blocks include Adani Enterprises, Vedanta, Hindalco Industries and Jindal Power..

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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