Chhattisgarh’s company has bagged second block in commercial coal mining auction
Team News Riveting
New Delhi, November 9
Chhattisgarh-based Sarda Energy and Minerals Limited (SEML) had won the Gare Palma coal block in the final day of commercial coal mining auction today.
Gare Palma IV/7 was the only coal block located in Raigarh district put for auction today. The mine has a geological reserve of 234.205 Million Tonne (MT) with peak rated capacity of 1.20 million tonne per annum.
SEML, the flagship company of Sarda Group incorporated in 1973, made the final bid offer of 66.75 per cent revenue sharing for the coal block, for which Adani Enterprises Ltd, Jindal Steel and Power Ltd, Bharat Aluminium Company Ltd, DB Power Ltd, Hindalco Industries Ltd and Nuvoco Vistas Corporation Ltd were also in the race.
This was the highest ever bid offer made for any block in the commercial coal mining auction that started last Monday. Out of 38 mines put on auction, financial bids were received for 19 mines. On average, the premier remained at 29 per cent.
This is the second coal block the SEML, a vertically integrated producer of steel with captive iron ore, power plant and manufacturer and exporter of niche grade manganese based ferro alloys, had won in the commercial coal mining auction.
The company had earlier emerged as the highest bidder for the Sahapur West mine in Madhya Pradesh by offering 26 per cent revenue sharing. The mine has a reserve of 52.68 MT.
