Vedanta named as top bidder for 2 coal mines in Odisha; stock jumps ~2%

15 Sep 2022 , 10:05 AM

On the second day of the commercial coal mines auction, Vedanta Limited emerged as the highest bidder for two coal mines in Odisha.

It has emerged as the top bidder for Ghogharpalli and its Dip Extension coal block, located in Sundargarh district, Odisha under Tranche V of the commercial coal block auction conducted by the Ministry of Coal.

The company believes this coal block is an optional fit for the Company’s Jharsuguda smelter given its logistical location and annual capacity. The mine has total reserves of 1,288 million tonnes.

On Tuesday and Wednesday, the government auctioned off ten coal mines through the commercial coal mine auction.

On the first day of the auction of blocks, Jaiprakash Power Ventures was the top bidder for a coal block in Madhya Pradesh.

While Madhya Bharat Minerals won the bid for a coal mine in Chhattisgarh, Avassa Ferro Alloys won the bid for a mine in Maharashtra. The highest bidder for a mine in Jharkhand was Gangaramchak Mining, while Terri Mining was the highest bidder for another block in the eastern state.

Furthermore, Jhar Mineral Resources was the highest bidder for two mines in Odisha, while Sobhagya Mercantile won the bid for a mine in Maharashtra.

So far, 57 coal mines, including the ten listed above, have been auctioned under the commercial coal mine auction, with a total cumulative peak rate capacity of 140.75 million tonnes per annum.

At around 10.08 AM, Vedanta was trading at Rs311.15 up by 1.87% from its previous closing of Rs305.45 on the BSE. The scrip opened at Rs318.40 and touched intraday high and low of Rs320.90 and Rs308.35 respectively.

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