Vedanta emerges as successful bidder for coal block for mining in Odisha

Vedanta

Vedanta has emerged as successful bidder for a coal block in Odisha which was put for re-bid in the second attempt of auction of blocks for commercial mining.

With the successful auction of Kuraloi (A) north coal mine in Odisha, the total number of mines successfully auctioned in the first tranche of auction for commercial mining is 20 out of total 38 coal mines offered, the coal ministry said in a statement.

In the first attempt of auction under 11th tranche of auction under the CM (S) Act 2015 and under first tranche of auction under the MMDR Act 1957, out of the 38 coal mines, 19 have been successfully auctioned.

Out of the remaining mines, four coal mines which had fetched single bid in the first attempt were put up for re-auction in a second attempt by Ministry of Coal with the same terms and conditions but with the highest initial offer received in the first annulled attempt of auction as the floor price for the second attempt.

"Of these four mines under second attempt of auction, one mine Kuraloi (A) North had received a bid and has now been successfully auctioned with Vedanta being the successful bidder," the statement said.

The coal ministry had launched the auction process of 38 coal mines in the first tranche of auction for sale of coal for commercial mining).

Kuraloi (A) North with a peak rated capacity of eight million tonnes per annum (MTPA) is the largest mine in terms of PRC of all the mines successfully auctioned in the first tranche. The mine is expected to generate an annual revenue of Rs 763 crore and also provide employment to over 10,000 people.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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