SC confirms Rs32,156.04cr Pachhwara Central coal block mine to Dilip Buildcon-VPR consort; Stock jumps 9% so far today

The Pachhwara Central Coal Block located in Pakur District of Jharkhand was reserved for Power Sector End Use and was allotted to Punjab State Power for its captive utilization.

Sep 24, 2021 11:09 IST India Infoline News Service

Dilip Buildcon has announced that the Supreme Court has confirmed the appointment of the company and VPR Mining Infrastructure (VPR) as the Mine Developer Cum Operator, by Punjab State Power Corporation at the Pachhwara Central Coal Block Mine.

The contract value of the tender totals Rs32,156.04cr excluding taxes.

In its regulatory filing, Dilip Buildcon said that thus, as the result of the said judgement, DBL-VPR Consortium has been conferred Mth the absolute rights to undertake the mining developer cum operator work at $e Pachhwara Central Coal Block mine.

As per the statement, the Pachhwara Central Coal Block located in Pakur District of Jharkhand was reserved for Power Sector End Use and was allotted to Punjab State Power for its captive utilization. The mineable reserve of the block is 382.1 Million Metric Tons which was to be exploited over a period of 55 years by selection and appointment of Mine Developer Cum Operator through the competitive bidding process for the development and operations of Pachhwara Central Coal Mines.

Earlier, the DBL and VPR formed a consortium to participate in the tender process. The consortium of DBL ard VPR has emerged as Ll bidder in the Reverse Auction conducted by PSPCL and consequently, Letter of Award was issued in its favour.

Investors cheered the development on Friday as Dilip Buildcon stock skyrocketed nearly 9% so far today with an intraday high of Rs601 per equity share on Sensex. At around 11.04 am, the stock performed at Rs575 per piece up 3.8% on Sensex.

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