Mining PSU Gujarat Mineral Development Corporation (GMDC) on Monday said it has emerged as the highest bidder for two coal blocks in Odisha in the recently concluded commercial mine auction.
The PSU won the bids for Burapahar block having a geological reserve of 548 million tonnes (MT) and the Baitarani (West) block having geological reserve of 1,152 MT.
With this development, GMDC's additional 21 million tonne per annum (MTPA) will fuel the country's' demand for energy, the PSU said in a statement.
"We are committed to utilising our resources and expertise to develop these blocks to their fullest potential while ensuring the highest standards of safety and environmental sustainability," GMDC Managing Director Roopwant Singh said in a statement.
This expansion will help the PSU go beyond the geographical boundaries of Gujarat, GMDC said.
The state-owned company has five operational lignite mines located in Kutch, South Gujarat, and the Bhavnagar region. GMDC is leading merchant seller of lignite in the country.
Shares of GMDC closed down by 1.68 per cent at Rs 140.05 on BSE.
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