Adani Group, Prakash Industries, Shreesatya preferred coal mine bidders on Day 3

Adani Group has emerged as preferred bidder for one more large commercial coal block in Chhattisgarh, for another mine in the same state and newly-incorporated Shreesatya Mines Pvt Ltd quoted highest for a mine in Jharkhand on the final day of tranche two of auctions.

CG Natural Resources Pvt Ltd, Adani Group company, is likely to bag Khargaon coal mine in Chhattisgarh as it offered 6% revenue, an official statement said. Aurobindo Realty and Infrastructure was also in the race for the partially-explored coal mine with 250 million tonnes estimated geological reserves.

Kolkata-based Shreesatya Mines Private Ltd offered 54.50% revenue from the explored Burakhap Small Patch mine in Jharkhand. The block with 9.68 million tonnes had also received bids from Adhunik Power & Natural Resources, Ramgarh Sponge Iron Pvt Ltd, Shree Sai Urja Ltd and South West Pinnacle Exploration.

Prakash Industries agreed to part with 55.75% revenue from the explored Bhaskarapara coal mine in Chhattisgarh with 46.91 million tonnes reserves. Godawari Power and Ispat and Sunflag Iron and Steel Co Ltd were others in fray for the coal block.

As per the coal ministry’s estimates, coal blocks auctioned between August 2 and August 4 under the tranche two of commercial coal auctions, state governments are expected to garner Rs 587 crore revenue from explored mines.

On Tuesday, Sunflag Iron & Steel Company emerged as the highest bidder for a coal block in Maharashtra by agreeing to part with 9% revenue, while Shreesatya Mines Private quoted the highest 75.5% for another mine in Jharkhand on day two of ongoing e-auctions of coal mines for commercial use.

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The bid by the Kolkata-based firm Ltd for partially explored Rauta Closed mine in Jharkhand is the highest so far by any company in both rounds of commercial coal auctions. Data available with the corporate affairs ministry showed that Shreesatya Mines Private Ltd was incorporated on June 7 this year.

Last year, Sarda Energy and Minerals Ltd had won the Gare Palma IV/7 coal mine in Chhattisgarh by agreeing to forego 66.75% revenue. The average premium in the first tranche of commercial coal auctions was at 29%.

Bhivkund in Maharashtra, for which Sunflag Iron & Steel emerged as preferred bidder, is a fully explored mine with geological reserves of 102.26 million tonnes and peak capacity of 0.72 million tonnes per annum.

The Rauta Closed Mine in Jharkhand is a partially explored mine with geological reserves of 7 million tonnes. On Monday, Adani Group 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%.

Adani Power Maharashtra offered 9.5% revenue 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. Sunflag Iron and Steel 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 emerged as highest bidder for the partially explored Jhigador mine in Chhattisgarh with 250 million tonnes geological reserves.

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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.



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