Vedanta has emerged as the successful bidder for the coal block that was re-bid in the second attempt to auction the blocks for commercial mining in Odisha.

With the successful auction of the Kuraloi North coal mine in Odisha, 20 of the total 38 coal mines successfully auctioned in the first tranche of the auction for commercial mining, the Coal Ministry said in a statement.

In the first attempt at auction under the 11th tranche of auction under the CM (S) Act 2015 and the first tranche of auction under the MMDR Act 1957, 19 out of 38 coal mines have been successfully auctioned.

Out of the remaining mines, four coal mines, which received a single bid in the first attempt, were again put up for auction by the Ministry of Coal in the second attempt with the same terms and conditions.

But the highest initial offer received at first was turned down. Auction attempt as the minimum price for the second attempt.

“As part of the second auction attempt, out of these four mines, one of these four mines, Kuraloi North, had received bids and has now been successfully auctioned with Vedanta being the successful bidder,” the statement said.

The Coal Ministry had initiated the process of auctioning 38 coal mines in the first phase of auction for sale of coal for commercial mining.

Kuraloi North is the largest mine in terms of PRC of all the mines successfully auctioned in the first installment with a peak rated capacity of eight million tonnes per annum (MTPA).

The mine is expected to generate an annual revenue of Rs 763 crore and will also provide employment to over 10,000 people.

News Source: BusinessStandard