Commercial Mine Auction: Adani Enterprises Wins Coal Block In Jharkhand

Adani Enterprises Ltd on Saturday won Gondulpara coal mine in Jharkhand on the sixth day of commercial mining auction.

Companies like Vedanta Ltd and EMIL Mines and Mineral Resources Ltd were also vying for the coal block.

Adani Enterprises made a final offer of 20.75 per cent revenue sharing for Gondulpara coal mine which has a geological reserves of 176.33 million tonnes, the coal ministry said in a statement.

The mine will generate annual revenue of Rs 520.92 crore, the coal ministry said.

The ministry said that one coal mine of Jharkhand was put up for auction on day six of commercial coal mine auction.

The e-auction witnessed strong competition amongst the bidders with the mine attracting good premium over the floor price, it said.

Including Saturday's one block, the government has so far auctioned 18 mines for commercial mining.

Some of the corporate biggies that have bagged blocks so far are Vedanta, Hindalco Industries and Jindal Power.

One more block Gare Palma IV/7 will be put on sale on Monday which is the last day of auction of mines.

In June, Prime Minister Narendra Modi launched the auction process for 41 coal blocks for commercial mining, a move that opened the coal sector to private players, and termed it a major step in the direction of India achieving self-reliance.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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