Hindalco, Sunflag bag blocks on day 2https://indianexpress.com/article/business/business-others/hindalco-sunflag-bag-blocks-on-day-2/

Hindalco, Sunflag bag blocks on day 2

Hindalco emerged as the highest bidder for the Kathautia block in Jharkhand with a bid of Rs. 2,860 per tonne.

Private sector aluminium maker Hindalco Ltd on Sunday won its first bid on Kathautia coal block in Jharkhand on the second day of auctioning of coal mines, while Sunflag Iron and Steel bagged the Belgaon coal mine in Maharashtra by quoting Rs 1,785 a tonne. CESC Limited won the bid for Sarisatoli block in West Bengal by quoting a price of Rs 470 a tonne.

Hindalco emerged as the highest bidder for the Kathautia block in Jharkhand with a bid of Rs. 2,860 per tonne.

Hindalco, an Aditya Birla group firm bagged the coal mine after pipping Monnet Ispat and Energy Ltd, Rungta Mines, SS Natural Resources and UltraTech Cement. On day two of the coal block auctions three blocks were on offer — Belagaon in Maharashtra, Kathautia in Jharkhand and Sarisatolli in West Bengal.

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“Kathautia closed at Rs 2,860 per tonne. This means that Rs 228 crore in revenues per annum and Rs 6,800 crore for the entire mine life for the Jharkhand government,” coal secretary, Anil Swarup told The Indian Express on Sunday.

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For Belagaon coal block, which was won by Sunflag Iron and Steel, the bidders included Vedanta Group firm Bharat Aluminium Company Ltd (Balco), Anil Ambani Group’s Reliance Cement, and Topworth Urja and Metals. The Sarisatolli, a power sector block has witnessed a stiff contest between Adani Power, GMR Chhattisgarh Energy, Haldia Energy Ltd and Sheesham Commercial. But finally in the evening CESC Limited finally won it.

A senior official of the coal ministry said that the government on Saturday received 130 preliminary bids from companies like Essar Power, Hindalco, Adani Power and Jindal Power for 21 coal blocks on offer in the second tranche of ongoing auction.