November 2, 2020
1 min read

Five Coal Mines On Auction Garner Wide Interest

The much-anticipated auctions for commercial mining of coal started on Monday with five coal mines put on the block.

According to the Coal Ministry, the mining blocks put on auction generated wide interest from bidders who had submitted their bids for various blocks on offer.

Hindalco has put the highest bid for Chakla mine in Jharkhand, while Vedanta was the highest bidder for Radhikapur West mine in Odisha.

Aurobindo Realty and Infrastructure was the highest bidder for Takli Jena Bellora North and Takli Jena Bellora South in Maharashtra.

Yazdani International and JMS Mining were the highest bidder for Marki-Mangli II (Maharashtra) and Urtan (Madhya Pradesh) coal blocks, respectively.

A Coal Ministry statement said that first day of auction of coal mines for sale of coal saw strong and healthy competition among the bidders.

The ministry had launched the auction of coal mines for commercial mining on June 18, pursuant to a two stage forward auction process, comprising of initial offer and final offer, wherein the bidders have to bid for the percentage revenue share over the reserve price.

In all the mines auctioned, the final offer received is above 10 per cent signalling strong demand of coal mines in the market, it said.

Also Read: 41 Coal Mines Offered for Commercial Extraction

Also Read: Exports to China come to the rescue India’s aluminium sector

Previous Story

Trump Hints Firing Fauci After Election Results

Next Story

SRK@55: Wishes Poured In On Social Media

Latest from Economy

India Dominates Global Digital Banking List

Indian banks have observed the most notable gains in day-to-day banking (+9.8 pp) and expanding relationships (+3.4 pp)….reports Asian Lite News As many as 9 Indian banks have been recognised as ‘Digital

India Tops Global Growth Charts Again

India Retains Top Spot as Fastest-Growing Economy, Only Major Nation to Exceed 6%…reports Asian Lite News India remains the world’s fastest-growing major economy and the only nation projected to achieve over 6%
Go toTop