Auction of coal blocks kickstart with strong bids
The auction of coal blocks for commercial mining, which kickstarted on Monday, saw Vedanta bidding the highest for a mine in Odisha, while Hindalco bid the most for a block in Jharkhand.
Vedanta stumped up the highest bid for Radhikapur West by offering to share 21 per cent of the revenues, the coal ministry said in a statement. The mine has an estimated reserves of about 312 million tonnes of dry fuel. Hindalco bid the highest for Chakla coal mine in Jharkhand at 14.25 per cent revenue sharing. The mine has an estimated reserves of 76 mt.
With regard to MarkiMangli II mine in Maharashtra, Yazdani International bid the highest at 30.75 per cent revenue sharing.
JMS Mining bid the highest for Urtan mine in Madhya Pradesh at 10.50 per cent revenue sharing. For Takli Jena Bellora North and Takli Jena Bellora South block in Maharashtra, Aurobindo Realty and Infrastructure made the highest bid of 30.75 per cent revenue sharing.
All the five blocks will generate an annual revenue of Rs 1,556.68 crore for the states.