Vedanta has emerged as a successful bidder for a coal block in Odisha that was re-tendered in the second commercial mining block auction attempt.
With the successful auction of the Kuraloi (A) North coal mine in Odisha, the total number of mines successfully auctioned in the first tranche of the auction for commercial mining is 20 out of the total 38 coal mines offered, said the Ministry of Coal in a statement.
In the first auction attempt under the 11th auction tranche under the CM (S) Law of 2015 and under the first auction tranche under the MMDR Act of 1957, of the 38 coal mines, 19 have been successfully auctioned.
Of the remaining mines, four coal mines that had obtained a unique bid in the first attempt were put up for auction in a second attempt by the Ministry of Coal with the same terms and conditions but with the highest initial offer received in the first void. . auction attempt as the minimum price for the second attempt.
“Of these four mines in second bid attempt, one Kuraloi (A) North mine had received an offer and has now been successfully auctioned with Vedanta as the winning bidder,” the statement read.
The Ministry of Coal had launched the auction process of 38 coal mines in the first tranche of auction for the sale of coal for commercial mining).
Kuraloi (A) North with a nominal maximum capacity of eight million tons per year (MTPA) is the largest mine in terms of the People’s Republic of China of all the mines successfully auctioned in the first tranche. The mine is expected to generate an annual income of Rs 763 crore and also provide employment for more than 10,000 people.
(Only the headline and image for this report may have been edited by Business Standard staff; other content is automatically generated from a syndicated feed.)