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FEB 18 2015

Coal auctions: Balco, Jaiprakash Power, OCL Iron & Steel bag 1 mine each

  • Economic Times, ET Bureau / Hyderabad
  • Created: Wed 18th FEB 2015

Bharat Aluminium Co. Ltd (Balco), Jaiprakash Power Ventures Ltd and OCL Iron and Steel Ltd bagged one mine each on the fourth day of coal auction on Tuesday, taking the total number of blocks sold via bidding to 11. Vedanta group company Balco quoted Rs.3,025, the highest bid, for Chotia block, coal secretary Anil Swarup tweeted late on Tuesday night.

Balco beat Godawari Power and Ispat Ltd, Hindalco Industries, Prakash Industries, Rungta Mines and Ultratech Cement for the mine in Chhattisgarh. Earlier in the day, Jaiprakash Power bagged the Amelia North mine in Madhya Pradesh quoting Rs.712 per tonne, while OCL Iron and Steel won the Ardhagram mine in West Bengal at Rs.2,302 per tonne. Ardhagram closes at Rs.2,302 (per tonne) with OCL Iron and Steel as the highest bidder, the coal secretary tweeted. Jaiprakash Power the highest bidder at Rs.712 (a tonne) for Amelia North.

The 10 companies in the race for Amelia North mine, apart from Jaiprakash, were Adani Power, Bharat Aluminium Co. Ltd (Balco), Essar Power M.P. Ltd, GMR Chhattisgarh Energy Ltd, GVK Power Goindwal Sahib Ltd, Jindal Power Ltd, JSW Energy Ltd, KSK Mahanadi Power Co., RattanIndia Power Ltd and Reliance Geothermal Power Pvt. Ltd. The mine has extractable reserves of 70.28 million tonnes (mt). Ardhagram and Chotia have extractable reserves of 19.29 mt and 13.57 mt respectively.

In tweets earlier on auctions, Swarup said coal block auction gets underway on the fourth day, adding that poor states will reap benefits of coal block auctions. Besides OCL Iron and Steel, other companies in the race for Ardhagram coal mine included Eastern range Coal Mining Pvt. Ltd, Monnet Ispat and Energy Ltd and Visa Steel Ltd. On Monday, Jaiprakash Associates, Durgapur Projects and B.S. Ispat had bagged one mine each, even as the government said that it expects more aggressive bidding for blocks as the mines were already producing.

In the first two days, five blocks were sold Reliance Cement, GMR Chhattisgarh, Sunflag Iron, CESC and Hindalco had won the blocks. After the Supreme Court cancelled allocation of 204 mines in September, the government decided to auction the blocks. It has put 19 blocks on sale in the first tranche. The last day for the auction of first lot of mines is 22 February. Finance minister Arun Jaitley on Tuesday said the ongoing auction of coal mines would help ensure cheaper electricity in a sustained manner as against the practice of states subsidizing power.

Tags

TOTAL Adani Enterprise Limited Madhya Pradesh Jindal Power Ltd JSW Steel Ltd. Adani Power Ltd Bharat Aluminium Company Ltd Calcutta Electricity Supply Company Monnet Ispat & Energy Ltd UltraTech - Rawan Cement Works JSW Energy Ltd Visa Power Ltd Essar Power Gujarat Ltd Essar Electric Power Development Corporation Limited Finance Coal Energy Coal Mines Vedanta Coal Block Durgapur Projects Hindalco Essar Essar Steel Essar Oil Ltd. Power geothermal power coal mining Electricity Akaltara (Naiyara) TPP GMR Chhattisgarh Energy Ltd

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