Amid mounting concerns over whether power companies were spreading themselves too thin while bidding for blocks in the ongoing coal auction, a subsidiary of Jindal Steel and Power pulled off a sizzling win by bagging rights to explore Gare Palma IV/2 and 3 mines in Chattisgarh at a cost of a mere Rs 108 per metric tonne.
The mine was important to JSPL as it owned the rights to the mine previously and had already developed the Tamnar power project based on it. The blocks have extractable reserves of 187.19 mt.
Soon after the auction round concluded, JSPL tweeted using the popular hashtag #WontGiveItBack from its official handle.
At the time of filing this report, auction for the Bicharpur mine in Madhya Pradesh was under way with bidding reaching as much as Rs 3000 per tonne. The mine would be used for steel, cement and iron sectors and key participants were ACC, Birla Corp, HZ, Hindalco, UltraTech, JP Cement. MP State Mining Corp was the previous owner.
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