23 FEBRUARY 2015www.livemint.com
Coal auctions: Balco bags one more mine in Chhattisgarh
Edited by : AL CIRCLE
2 min read
Bharat Aluminium Company Ltd. (Balco) bagged one more coal block on the eighth day of the auction, taking the total number of mines sold so far through the ongoing auction to 18 that will generate an estimated over Rs1 lakh crore for respective states.
Friday night, Hindalco Industries Ltd. had bagged Gare Palma IV/4 mine in Chhattisgarh.
The Aditya Birla Group company has bagged three coal blocks — two in Chhattisgarh and one in Jharkhand so far.
Of the 19 blocks put on sale in the first tranche, 18 have been sold in eight days. The remaining one — Gare Palma IV-7 mine in Chhattisgarh — is the most sought after block as 12 bids have technically qualified for this non-power sector mine.
“Gare Palma IV-1 mine closed at Rs1,585 (per tonne) and the winner is Balco,” a coal ministry official said.
Earlier, Balco had bagged Chotia mine in the same state. Gare Palma IV/1 in Chhattisgarh has an extractable reserves of 49.57 MT. This is expected to generate an estimated Rs7,856 crore for the state.
“Hindalco is the highest bidder at Rs3,001 (per tonne) for Gare Palma 4/4,” coal secretary Anil Swarup tweeted. This will yield around estimated Rs3,691 crore.
After sale of 16 blocks, coal secretary Anil Swarup had said on Friday that “the e-auction amount is Rs83,662 crore. But these blocks will also entail an income to the states by way of royalty which comes to Rs12,801 crore.”
With two more mine being sold, the figure has crossed Rs1 lakh crore mark. The companies that have bagged 18 blocks include Reliance Cement, GMR Chhattisgarh, Hindalco, Sunflag Iron and Steel, Jaiprakash Associates, Jaiprakash Power Ventures, OCL Iron and Steel, Bharat Aluminium, Essar Power MP, Jindal Power and UltraTech Cement.
Friday night, Hindalco Industries Ltd. had bagged Gare Palma IV/4 mine in Chhattisgarh.
The Aditya Birla Group company has bagged three coal blocks — two in Chhattisgarh and one in Jharkhand so far.
Of the 19 blocks put on sale in the first tranche, 18 have been sold in eight days. The remaining one — Gare Palma IV-7 mine in Chhattisgarh — is the most sought after block as 12 bids have technically qualified for this non-power sector mine.
“Gare Palma IV-1 mine closed at Rs1,585 (per tonne) and the winner is Balco,” a coal ministry official said.
Earlier, Balco had bagged Chotia mine in the same state. Gare Palma IV/1 in Chhattisgarh has an extractable reserves of 49.57 MT. This is expected to generate an estimated Rs7,856 crore for the state.
“Hindalco is the highest bidder at Rs3,001 (per tonne) for Gare Palma 4/4,” coal secretary Anil Swarup tweeted. This will yield around estimated Rs3,691 crore.
After sale of 16 blocks, coal secretary Anil Swarup had said on Friday that “the e-auction amount is Rs83,662 crore. But these blocks will also entail an income to the states by way of royalty which comes to Rs12,801 crore.”
With two more mine being sold, the figure has crossed Rs1 lakh crore mark. The companies that have bagged 18 blocks include Reliance Cement, GMR Chhattisgarh, Hindalco, Sunflag Iron and Steel, Jaiprakash Associates, Jaiprakash Power Ventures, OCL Iron and Steel, Bharat Aluminium, Essar Power MP, Jindal Power and UltraTech Cement.
Unlock full access – sign up for FREE.
Key benefits
Find exclusive data-driven insights and in-depth analysis
Get our daily newsletter delivered straight to your inbox
Access real-time and historical price trends from global indices
Post and respond to latest business leads
Stay ahead with alerts on learning tools
...and so much more!SIGN UP / LOGIN
Previous article
Birmingham Aluminium Ltd is now called BAL GROUP: Global Aluminium Solutions
Next articleAlba achieves 4 million hours without LTI
Grow with
AL Circle
