The first day of third tranche of coal mines auctions today saw Government garnering a total of Rs2,529 crore from bidding of two blocks in Chhattisgarh and Maharashtra.
Crest Steel and Power Pvt ltd, a Topworth Group entity, emerged as the highest bidder for Bhaskarpara mine in Chhattisgarh which will fetch the Government Rs1,817 crore.
Companies like JSPl were there in the race for the mine.
The Group’s arm Topworth Urja & Metals ltd emerged as the highest bidder for Marki Mangli-I mine in Maharashtra earlier in the day.
“Crest Steel and Power highest bidder for Bhaskarpara coal block at (Rs) 755 (a tonne),” Coal Secretary Anil Swarup said in a tweet. Marki Mangli-I mine will fetch the Government Rs712 crore. Bhaskarpara mine was earlier jointly alloted to Electrotherm (India) ltd and Grasim Industries ltd.
The extractable reserves of the Bhaskarpara coal block is 24.06 million tonnes (MT). The amount of proceeds have been calculated based on extractable reserves and highest bid price. The companies vying for Bhaskarpara Coal Mine included Jindal Steel and Power ltd (JSPl) and Godawari Natural Resources ltd.