Team News Riveting
New Delhi, March 3
Jindal Power Limited (JPL), a diversified company controlled by Naveen Jindal, emerged as the preferred bidder for the Gare Palma Sector IV/2 and Gare Palma Sector IV/3 blocks in Chhattisgarh.
JPL closing bid for the block on the ongoing auction of commercial mines was at 30.75 per cent share in the revenue generated. With technical bids from 15 companies including Bharat Aluminium Company, JSW and Gujarat Mineral Development Corporation, this was the block with the highest number of technically qualified bids in the latest round.
Located in Chhattisgarh’s Raigarh district, this is an explored block with an expected output of 7 million tonnes of thermal-grade coal annually. Jindal Power is expected to use the coal for its coal-based power plant at Tamnar in the same district.
Ministry of Coal had launched the auctions of coal mines for commercial mining under 6th round and second attempt of 5th round on November 03, 2022. Forward auctions for these mines have been started on 27.02.2023 and on the 5th day of the e-auction today, one coal mine was put up for auction which was CMSP coal mine.
The ministry of coal said the total geological reserves for the coal mine is 965 Million Tonnes. The peak rated capacity (PRC) for the coal mine is 15 MTPA.
This coal mine upon operationalization will generate Annual Revenue of Rs 1,968 crore calculated at PRC of the coal mine. The mine will attract capital investment of Rs 2,250 crore and will provide employment to 20,280 people.
