Team News Riveting
New Delhi, November 4, 2020
Jindal Power Ltd, an arm of Jindal Steel and Power Limited (JSPL), on Wednesday emerged as highest bidder for the Gare Palma IV/1 coal block in Chhattisgarh.
In the Day 3 of commercial coal mine auction held Wednesday, four coal mines (3 in Madhya Pradesh and 1 in Chhattisgarh) were put up for auction. The total geological reserves of the mines put up for auction are 161 million tonne (MT) with a cumulative peak rate capacity of 7 MT per annum.
The company offered 25 per cent revenue share for the Gare Palma IV/1, edging out Adani Enterprises and Hindalco Industries. The block has geological coal reserves of 84 million tonnes and peak capacity of six million tonne per annum, an official statement said.
The block is it estimated to generate Rs 652 crore revenue upon reaching peak rated capacity.
Jindal Steel and Power Limited (JSPL) is an Indian steel and energy company based in Hisar. JSPL is a leading player in steel, power, mining, oil and gas and infrastructure in India. The company produces steel and power through backward integration from its own captive coal and iron-ore mines.
In terms of tonnage, it is the third largest steel producer in India. The company manufactures and sells sponge iron, mild steel slabs, ferro chrome, iron ore, mild steel, structural, hot rolled plates and coils and coal-based sponge iron plant.
