Coal auctions, day 3: Jindals, Hindalco bag one mine each

| Saturday, March 7, 2015 - 17:18
First Published |

The Tara coal block in Chhattisgarh went to Jindal Power and the Dumri block in Jharkhand to Hindalco in the latest round of coal auctions held by the government on Saturday, officials said.

The final bid cost worked out to an estimated Rs 9,809 crore for the Tara block and Rs 2,103 crore for Tara block.

“Hindalco is highest bidder at Rs. 2,127 (per tonne) for Dumri and Jindal Power at Rs.126 (per tonne) for Tara coal block,” Coal Secretary Anil Swarup tweeted, as bidding ended.

Bidding for the third block, Nerad-Malegaon in Maharashtra, is still on. It has extractable reserves of 10.29 mega tonnes (MT).

In fierce bidding that lasted over eight hours, Mandakini Exploration and Mining on March 5 bagged Mandakini block in Odisha while the Meral mine in Jharkhand went to Trimula Industries, in the process fetching an estimated Rs. 19,633 crore for the states.

Under the second leg of auction, the government has put out 15 blocks for grabs, which are under ready-for-production category.

The auction proceeds from first lot of 19 mines is over Rs. one lakh crore.

The government which was to begin the auction of second round of mines last month had to put it off to March 4 because of litigation issues.

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