New Delhi: Jindal Steel & Power (JSPL) has won Chhattisgarh's Gare Palma IV/5 coal block in the latest round of auctions. JSPL won the coal block after emerging as the highest bidder for the coal block with a bid price of Rs 230 per tonne, a premium of 53 percent over reserve price, sources said.
The coal block was owned by Jindal Steel & Power before the Supreme Court cancelled all captive mine allocations in 2014. The Gare Palma IV/5 mine in Chhattisgarh was shut since deallocation.
In 2015, when the first tranche of coal block auction was held, the Ministry of Coal had rejected JSPL's best bids for Gare Palma IV/2&3 block and Tara block that had received lower bids when as compared to other blocks. The two coal blocks in Chhattisgarh were then given to Coal India for operation and the high court later upheld the decision.