New Delhi: Jaiprakash Power Ventures has emerged as the highest bidder for a coal block in Madhya Pradesh. The government put on sale 10 coal mines under the commercial coal mining this week.

While Madhya Bharat Minerals emerged as the highest bidder for a coal mine in Chhattisgarh, Avassa Ferro Alloys bid the highest for a mine in Maharashtra.

Gangaramchak Mining was the highest bidder for a mine in Jharkhand while Terri Mining put in the highest bid for another block in the eastern state.

Jhar Mineral Resources emerged as the highest bidder for two mines in Odisha and Sobhagya Mercantile made the highest bid for a mine in Maharashtra.

"The Nominated Authority…conducted e-auction of eight coal mines here today," the coal ministry said in a statement.

Of the eight mines on sale on the first day, five coal mines are fully explored and three mines are partially explored mines. The total geological reserves for these eight coal mines are 2,157.48 million tonnes (MT).

The cumulative Peak Rate Capacity (PRC) for these coal mines is 19.31 million tonnes per annum.

The remaining two blocks will be put on sale on Wednesday under the second attempt of the fourth round of commercial coal mine auction.

The government has so far auctioned 43 coal mines with a peak rated capacity of 5.54 million tonnes per annum.

Coal minister Pralhad Joshi last month said that more than 107 coal mines will be put up for sale in the near future.

The coal ministry has set a coal production target of 900 million tonnes for the current fiscal, which includes 700 million tonnes from state-owned CIL.

Prime Minister Narendra Modi in 2020 launched the auction process for 41 coal blocks for commercial mining, a move that opened India's coal sector for private players.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)