Hindalco Industries has bagged another mine — Gare Palma 4/4 — in the coal blocks auction. The mine has extractable reserves of 12.30 million tonnes. Hindalco how has three mines in its kitty, including two in Chhattisgarh and one in Jharkhand. The company was the highest bidder at Rs 3,001 per tonne, according to a tweet by Coal Secretary Anil Swarup.
Hindalco, a subsidiary of Aditya Birla Group, had successfully bid for Kathautia mine in Jharkhand on February 15 and was also awarded Gare 4/5 mine in Chhattisgarh on February 19. The company won the latest bid in a process that went on for 12 hours on Friday. The block was previously held by Jayaswal Neco Ltd.
The states in which the 17 coal blocks sold in the ongoing auction are located will receive more than Rs 1 lakh crore, including royalty, over the next 30 years on account of the sale. Also, the reverse auction of coal blocks for power generation (valued at Rs 37,050 crore) will benefit end-users in the form of tariff reduction, Swarup has stated.
The government had placed 19 coal mines up for auction in the first tranche. Jindal Power, Hindalco and Ultratech were among the bidders which bagged 17 of them.
Sunday is the last day of the auction of the first tranche. The second lot of mines will go up for auction from February 25.
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