Home / Industry / Energy /  Aditya Birla’s arm wins coal mine bid
Back

Aditya Birla Group-owned EMIL Mines and Minerals Resources Ltd and Aurobindo Realty and Infrastructure Pvt. Ltd on Thursday were the winning bidders for Radhikapur (East) coal mine in Odisha and Urma Paharitola mine in Jharkhand, respectively, a government official said, seeking anonymity.

The two mines, with geological coal reserves of 755.63 million tonnes, were auctioned on the fifth day of the commercial coal mine auctions. So far, 17 coal mines have been auctioned since the bidding began on Monday. The bids are being awarded on a revenue-sharing basis, while earlier blocks were allocated to companies on the payment of fixed amounts per tonne.

Adani Enterprises Ltd, Jindal Steel and Power Ltd, and National Aluminium Co. Ltd were also vying for Radhikapur (East) mine. Adani Power Resources Ltd, Welspun Steel Ltd, JMS Mining Pvt. Ltd, Adicorp Enterprises Pvt. Ltd, and India Coke, and Power Pvt. Ltd were in the fray for the Urma Paharitola mine.

The e-auctions saw stiff competition and the two mines got good premium over and above the floor price, said the official mentioned above. As part of the two-stage auction process, a bidder is to bid for a percentage revenue share over the reserve price. There will be no restriction on the sale and utilization of coal from the mines.

The auction is expected to end on 9 November, with the mines in Gondulpara in Jharkhand and Gare Palma IV/7 in Chhattisgarh yet to be auctioned.


ABOUT THE AUTHOR

Utpal Bhaskar

"Utpal Bhaskar leads Mint's policy and economy coverage. He is part of Mint’s launch team, which he joined as a staff writer in 2006. Widely cited by authors and think-tanks, he has reported extensively on the intersection of India’s policy, polity and corporate space.
Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout
x