Boosting the initiative of self-reliant India, several private players are unlocking the potential of coal mining sector across across resource-rich states like Chhattisgarh. Adani Group, Hindalco Industries Ltd, Vedanta Ltd, are among the leading names.
Adani Group has emerged as the highest bidder for two coal blocks in Maharashtra and Chhattisgarh auctioned for commercial use. South West Pinnacle Exploration, based in Gurugram, was the preferred bidder to the third coal mine located in Jharkhand.
Adani Power Maharashtra offered a 9.5% premium on the floor price of Gondkhari coal mine, Maharashtra. However, the same group company CG Naturals Resources Ltd was the preferred bidder for Jhigador mine, Chhattisgarh. Sunflag Iron and Steel were also interested in the Gondkhari-explored mine, which has a peak production of 1 million tonnes annually. It has geological reserves totalling 98.71 million tones.
Auctions of commercial coal: Three of the eight coal mines in Adani’s kitty
Adani Group Chhattisgarh entities have won three out the eight mines, which went under the hammer in the second tranche of commercial coal mining auctions. Adani subsidiary CG Natural Resources won Khargaon, a mine in Chhattisgarh, against the highest bid of 6% revenue sharing. On Monday’s first day of auctions, Adani subsidiary CG Natural Resources had won the Jhigador Chhattisgarh mine. Adani Power Maharashtra had secured the Gondkhari block from Maharashtra the following day.