Unsold Coal mines attract bids in third round

India Infoline News Service | Mumbai | July 27, 2015 17:12 IST

Out of 10 mines which were put on the block this time,6 were mines which had been offered earlier but did not attract enough bidders.Mines like Parbatpur Central which could not be sold earlier have received bids from Industry majors like JSW Steel and SAIL.

Coal-and-shovel
The third tranche of Coal mine auctions have received bids for several mines which were offered in earlier rounds but failed to find bidders.

Out of 10 mines which were put on the block this time,6 were mines which had been offered earlier but did not attract enough bidders.Mines like Parbatpur Central which could not be sold earlier have received bids from Industry majors like JSW Steel and SAIL. Lloyd Steel and Topworth Urja amongst others have bid for Marki-Mangli-I. Jamkhani, which was withdrawn from the auction last time, has received the highest number of bids at 6.
Big private sector players like JSW, Hindalco. Jindal Iron and Steel, BALCO, Bhushan Power and Steel, ACC and Vedanta apart from SAIL and RINL are in the fray.
The Tender Process for Tranche III of auction for ten (10) coal mines comprising of two (2) Schedule II and eight (8) Schedule III coal mines started on June 8, 2015 with the release of Tender Documents. As a part of the auction process, Technical Bids comprising of online and offline bid documents were opened today 3:00 pm onwards at SCOPE Convention Centre, SCOPE Complex, New Delhi, in the presence of the bidders.
In the first stage of the tender process, bidders submitted their Technical Bids on MSTC’s portal created for the purpose. Bidders were also required to submit a sealed envelope containing Bank Guarantee for bid security, Power of Attorney supported by Board Resolution or extract of charter documents and the Affidavit. The cut-off time for submission of Technical Bids was 2:00 pm on July 24, 2015.
The online bids were decrypted and opened electronically in the presence of the bidders. Entire process was displayed on the screen for the bidders. Subsequently, sealed envelopes containing offline bid documents were also opened in the presence of bidders. The bids will be evaluated by a multi-disciplinary Technical Evaluation Committee and Technically Qualified Bidders would be shortlisted for participation in the electronic auction to be conducted on MSTC portal from August 11, 2015.

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