Adani Group bags two commercial coal mines on Day 1 of tranche-2 auctions

Adani Group has emerged as the preferred bidder for two coal blocks for commercial use in Maharashtra and Chhattisgarh. Gurgaon-based exploration services firm South West Pinnacle Exploration emerged as the highest bidder for a coal mine in Jharkhand quoting a premium of 24.25%, sources said.

A senior government official said online coal auctions for three blocks concluded on Monday, while five more mines will be bid on Tuesday and Wednesday. The second tranche of commercial coal auctions began on Monday.

The official said Adani Power Maharashtra quoted a 9.5% premium over floor price for Gondkhari coal mine in Maharashtra, while the same group company CG Naturals Resources Ltd emerged as preferred bidder for the Jhigador mine in Chhattisgarh.

was also in the race for the Gondkhari explored mine with peak capacity of one million tonnes per annum. The mine has geological reserves of 98.71 million tonnes.

CG Natural Resources pipped Aurobindo Reality and Infrastructure to emerge as highest bidder for the partially explored Jhigador mine in Chhattisgarh with 250 million tonnes geological reserves, the sources said.

Dhansar Engineering Co and Hilltop Hirise Pvt Ltd were the others in race for Jogeshwar and Khas Jogeshwar partially explored mine in Jharkhand with 84.03 million tonnes geological reserves.

The second tranche of coal auctions for commercial mining was launched on March 25.

In the first tranche of commercial coal auctions, 19 mines were auctioned with the premium quoted by the successful bidders ranging from 9.5% to 66.75%.

States are expected to fetch around Rs 7,000 crore of revenues from these auctions considering production at peak rated capacity of 51 million tonnes per annum.

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