The company submitted bid against the reserve price at Rs 150/tonne.
Shares of Jindal Steel & Power (JSPL) rose 14 percent intraday on November 4 after the company had emerged as a highest bidder for the coal mine.
The company's bid was the highest for Gare Palma IV/1 Coal mines at Rs 230 per tonne, quoting Source, reported CNBC-TV18.
The company submitted a bid against the reserve price at Rs 150/tonne.
"Gare Palma IV/1 is a workable deal for us and will use the coal at Raigarh & CPP unit," said VR Sharma, MD of JSPL to CNBC-TV18. "We were buying coal via linkage and local buying and use of coal from Gare Palma IV/1 coal block will help improve the margins."