After becoming the lowest bidder to finance Rs 3,167 crore for a mining in Jharkhand, IRFC shares saw a 4% increase.
When Indian Railway Finance Corporation Ltd. (IRFC) was chosen as the lowest bidder (L1) to finance Rs 3,167 crore for the development of the Banhardih coal block in Latehar District, Jharkhand, the company’s shares surged 3.6% to an intraday high of Rs 140.65 on the BSE.
Patratu Vidyut Utpadan Nigam Ltd (PVUNL), a joint venture between Jharkhand Bijli Vitran Nigam Ltd (26%) and NTPC Ltd (74% equity participation), is working on the project.
“IRFC is the top bidder for Rs 3,167 crore in funding to develop the Banhardih Coal Block in Jharkhand’s Latehar District. A joint venture between NTPC Limited (74% equity stake) and Jharkhand Bijli Vitran Nigam Limited (26% equity interest), Patratu Vidyut Utpadan Nigam Limited (PVUNL) is working on this project, according to an exchange filing by IRFC.
By making it easier to transport coal to the project site, the coal block, which has been assigned to PVUNL as a captive coal supplier, will support the business’s operations. The block’s coal would be carried by Indian Railways after being transferred to the Chetar station via a Mine-Gain-Rail (MGR) system.
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