Adani Enterprises highest bidder for Dhirauli mine on Day 2 of commercial coal mine auction

The company's subsidiary, Stratatech Mineral Resources stood the highest bidder for Dhirauli mine by quoting 12.5% premium on the revenue share.

Nov 04, 2020 05:11 IST India Infoline News Service

Adani Enterprises has been announced as the highest bidder for a Madhya Pradesh-based Dhirauli mine. The company participated for the mine on the second day of commercial coal mine auction.

The company's subsidiary, Stratatech Mineral Resources stood the highest bidder for Dhirauli mine by quoting 12.5% premium on the revenue share.

Adani Enterprises edged out Hindalco who also bid for the same mine.

The Coal Ministry on Tuesday said, "4 coal mines (3 in Madhya Pradesh and 1 in Jharkhand) were put up for auction on Day 2 of Commercial Coal Mine Auction."

"The e-auction witnessed strong competition amongst the bidders with all mines attracting good premiums over the reserve price," said the ministry in a statement.

According to the ministry, the total geological reserves of the mines put up for auction are ~1085 MT with a cumulative PRC of ~9 MTPA.

On Sensex, Adani Enterprises closed at Rs351.65 per piece up 1.93%. 

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