Commercial coal auctions: Three out of eight coal mines in Adani firms’ kitty

By: |
August 05, 2021 2:45 AM

It had also won the Jhigador mine in Chhattisgarh on the first day of auctions on Monday, while Adani Power Maharashtra had bagged the Gondkhari block in Maharashtra on the same day.

CIL, coal indiaThe Shakti scheme is seen as one of the major initiatives by the government which is hand-holding some power plants to come out of stress.

Adani Group entities have won three out the eight mines, which went under the hammer in the second tranche of commercial coal mining auctions. On the last day of the auction round, Adani subsidiary CG Natural Resources won the Khargaon mine in Chhattisgarh against the highest bid of 6% revenue share. It had also won the Jhigador mine in Chhattisgarh on the first day of auctions on Monday, while Adani Power Maharashtra had bagged the Gondkhari block in Maharashtra on the same day.

For the two other blocks bid out on the final day, Kolkata-based Shreesatya Mines became the preferred bidder for the Burakhap Small Patch block in Jharkhand by offering the highest revenue share of 54.5%, and Prakash Industries quoted the revenue share of 55.8% for the Bhaskarpara mine in Chhattisgarh. Jharkhand’s Rauta Closed block received the highest bid of 75.5% revenue share to the state government, which was won by newly incorporated firm Shreesatya Mines on Tuesday. The other coal block winners in this latest tranche are South West Pinnacle Exploration and Sunflag Iron and Steel.

The maiden auction round, held in November last year, saw bidding by domestic and home-grown firms, where the highest premium received was 66.8% while the average premium quoted was 27%. As many as 20 mines out of the 38 offered could be auctioned off in the first round of auctions in 2020. The Union coal ministry had offered 67 blocks under the second round of auction for commercial mining, out of which only eight mines could be finally put up for bidding.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Industry should work with govt to implement various reforms, says Vice President Venkaiah Naidu
2Jio, Airtel add mobile subscribers in July, VIL loses 14.3 lakh users: Trai data
3India at nascent stage in industrial engineering research: Piyush Goyal