New Delhi [India], March 12 : In a development under the 'Azadi Ka Amrit Mahotsav,' the Ministry of Coal initiated the e-auction process for commercial coal mines, marking a pivotal step towards enhancing India's coal sector.
According to a press release by the Ministry of Coal, on the first day of the auction, a total of eight coal mines were put up for bidding, out of the 13 scheduled for auction.
Of the eight mines, five were under the Coal Mines (Special Provisions) Act, 2015 (CMSP) category, while the remaining three fell under the Mines and Minerals (Development and Regulation) Act, 1957 (MMDR).
Notably, four of these mines have been fully explored, while the remaining are partially explored.
The combined geological reserves of these mines stand at a staggering 1,721.44 million tonnes, with a cumulative Peak Rated Capacity (PRC) of 4.20 million tonnes per annum (MTPA), read the press release.
Here's a breakdown of the outcomes from the first day of the auction:
Mahan Coal Mine in Madhya Pradesh attracted a final bid of 6.50 per cent above the reserve price, with JK Cement Ltd securing the bid.
Mara II Mahan Coal Mine, also located in Madhya Pradesh, fetched a final bid of 6.00 per cent above the reserve price, with Mahan Energen Ltd emerging as the successful bidder.
Thesgora-B/Rudrapuri Coal Mine in Madhya Pradesh received a bid of 7.00 per cent above the reserve price, with Sunflag Iron and Steel Company Limited clinching the deal.
Binodpur Bhabhaniganj Coal Mine in West Bengal saw a remarkable bid of 18.25 per cent above the reserve price, with JMS Mining Private Limited winning the auction.
Marki-Zari-Zamani-Adkoli Coal Mine in Maharashtra garnered a bid of 22.00 per cent above the reserve price, with Nilkanth Infra Mining Limited emerging as the successful bidder.
Dumri Coal Mine in Jharkhand received a bid of 41.00 per cent above the reserve price, with S M Steels and Powver Limited securing the bid.
Duni Central Coal Mine in Jharkhand fetched a bid of 40.00 per cent above the reserve price, with Bull Mining Private Limited clinching the deal.
South of Damuda Coal Mine in Jharkhand attracted a bid of 21.25 per cent above the reserve price, with Rungta Sons Private Limited winning the auction.
Upon operationalization, these coal mines are expected to generate an annual revenue of approximately Rs 652 crores, calculated at the Peak Rated Capacity (PRC) of these mines (excluding partially explored coal mines).
Moreover, they are anticipated to attract capital investments of around Rs 630 crores and provide employment opportunities to approximately 5,678 individuals.
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