- Gondkhari coal block in Maharashtra went to Adani Power Maharashtra Limited, which offered 9.50 percent revenue-sharing
- Jhigador mine in Chhattisgarh was won by Adani subsidiary CG Natural Resources Pvt Ltd, which offered 6 percent revenue sharing
New Delhi: The tranche-II of commercial coal mine auction opened on Monday on a low-key note as two of the winning bids received for the mines auctioned off were lower than the lowest bids recorded during tranche-I in 2020. According to the Ministry of Coal, Gondkhari coal block in Maharashtra went to Adani Power Maharashtra Limited, which offered 9.50 percent revenue-sharing, Jhigador mine in Chhattisgarh was won by Adani subsidiary CG Natural Resources Pvt Ltd, which offered 6 percent revenue sharing.
The highest bid for the day went to Jogeshwar and Khas Jogeshwar mine in Jharkhand, which went to South West Pinnacle Exploration Ltd at 24.25 percent revenue-sharing. The total geological reserves of the mines put up for auction on Day 1 are ~432 MT. Of the three mines on auction, Gondkhari coal mine is explored, while the other two coal mines — Jhigador and Jogeshwar and Khas Jogeshwar — are partially explored.
Commercial Coal Mine Auction: How does Tranche I compare with Tranche II?
The lowest bid received during tranche-I of commercial coal mine auction was 9.5 percent for Urtan North coal mine in Madhya Pradesh. The highest bid received during the maiden tranche was 66.75 percent. The average premium quoted by bidders was 27 percent. The first tranche, too, had 19 coal mines on offer.
It remains to be see whether investor interest picks up on the subsequent days of the auction process. The e-auction process for all the mines will be completed by August 4.
Under tranche-II of commercial coal mine auction, the government had offered 67 mines, out of which it received Expressions of Interest (EoI) for 19 mines. The Ministry of Coal has received 34 technical bids for 19 coal mines. Out of 19 mines, 10 are fully explored and nine are partially explored.
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