New Delhi: Vedanta Ltd on Wednesday said that its arm BALCO has won the bid for a coal block in Chhattisgarh. The company emerged as the successful bidder for the mine during the fourth round of commercial coal mine auction conducted by the government. “The coal block is an optimal fit for BALCO, given its logistical location,” Vedanta said in a filing to BSE.
The mine will provide fuel security, enhance power availability, and further strengthen Balco’s operations and performance once it starts operating.
The block has estimated coal reserves of 900 million tonnes.
BALCO was incorporated in 1965 as the first public sector undertaking in the country.
In 2001, the Centre disinvested 51 percent shares of Bharat Aluminium Company Limited (BALCO) to Sterlite Industries Limited, a subsidiary of Vedanta Limited. The remaining 49 percent is with the Centre.
The company is playing a crucial role in introducing Aluminium as a potential alternative to other metals like Steel in construction, and Copper in power transmission industry. It is majorly operating in Korba whereas its Bauxite mines are situated in Kawardha and Mainpat.
(With PTI inputs)
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