Adani Group wins Gondulpara coal mines on the sixth auction day
On the sixth day of the commercial mining auction, Adani Enterprise Ltd won the Gondulpara coal mine in Jharkhand. Companies such as Vedanta Ltd and EMIL Mines were also bidding for the coal block.
A statement by the coal ministry said Adani Enterprises made an offer of 20.75 percent revenue sharing for the Gondulpara coal mine. Additionally, the mine will produce a yearly revenue of Rs. 520.92 crore.
The coal ministry statement confirms that Gondulpara Coal mines have geological reserves of 176.33 million tonnes.
The ministry witnessed strong competition amongst the bidders during the e-auction. The mine attracted a good premium over the floor price. The government so far auctioned 18 mines for commercial purposes.
Corporates like Vedanta, Hindalco Industries, and Jindal Power have won big blocks of mine. Prime Minister Narendra Modi launched the coal auction process for 41 blocks for commercial mining in June.