The Kuraloi (A) North mine has been successfully auctioned with Vedanta Limited in the second attempt of the first Tranche of Auction under Mines and Minerals (Development and Regulation)Act, 1957, the Ministry of Coal informed on Sunday.
According to the ministry, in the first attempt of auction under 11th Tranche of Auction under the Coal Mines (Special Provisions) Act, 2015 and under the first Tranche of Auction under Mines and Minerals (Development and Regulation) Act, 1957, out of the 38 coal mines, 19 have been successfully auctioned.
"Out of the remaining mines, 4 coal mines which had fetched single bid in the first attempt were put up for re-auction in a second attempt by Ministry of Coal with the same terms and conditions but with the highest Initial Offer received in the first annulled attempt of the auction as the Floor Price for the second attempt," the ministry said in a release.
"Of these 4 mines under the second attempt of the auction, one mine Kuraloi (A) North had received a bid and has now been successfully auctioned with Vedanta Limited being the successful bidder," it said.
With the successful auction of Kuraloi (A) North coal mine, the total number of mines successfully auctioned in the first tranche of the auction for commercial mining is 20 out of a total of 38 coal mines offered, with a success percentage of 52.63 per cent for the first tranche.
Kuraloi (A) North located in Odisha with a Peak Rated Capacity of 8 MTPA is the largest mine in terms of PRC of all the mines successfully auctioned in the first tranche. Kuraloi (A) North is expected to generate annual revenue of Rs 763 crores and also provide employment to over 10,000 people.
( With inputs from ANI )
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