Adani Enterprises places successful bid for commercial coal mine in Jharkhand

Adani Enterprises Ltd placed winning bids for sole coal blocks put on auction by the government on the sixth for commercial mining lease auctions on Saturday.

Adani Enterprises placed the winning bid for Gondulpara coal block in Jharkhand.

The mine placed on auction on the sixth day has a total coal reserve of over 176.33 million tonne and peak rated annual capacity is estimated at 4 million tonne (mt).

The e-auction witnessed strong competition amongst the bidders with the mine attracting good premium over the floor price, a coal ministry statement on the the sixth day of auction said.

The bid got values of over 20 percent of the reserve price while the annual revenue generated from the mine will be to the tune of Rs 520.92 crore.

A total of 38 coal mines have been put on auction by the coal ministry for commercial mining. There have been 76 bids from 42 companies for 23 coal mines, with the remaining 15 mines not getting any bids.

Till now, winning bids on the first five days of auctions have been placed for 17 coal mines by firms such as Vedanta Ltd, Hindalco Industries Ltd, Adani Enterprises.