Sarda Energy places successful bid for Chhattisgarh coal mine

New Delhi, Nov 9 : Sarda Energy and Minerals Ltd placed winning bids for the sole coal block put on auction by the government on the seventh day of commercial mining lease auctions on Monday.
Sarda Energy placed the winning bid for Gare Palma IV/7 coal block, which has a total reserve of over 234.20 million tonne and peak rated annual capacity is estimated at 1.2 million tonne (mt).
The e-auction witnessed strong competition amongst the bidders with the mine attracting good premium over the floor price, a Coal Ministry statement on the seventh day of auction said.
The bid got values of over 66 per cent of the reserve price while the annual revenue generated from the mine will be to the tune of Rs 210.5 crore.
A total of 38 coal mines have been put on auction by the Coal Ministry for commercial mining. There have been 76 bids from 42 companies for 23 coal mines, with the remaining 15 mines not getting any bids.
Till now, winning bids on the first six days of auctions have been placed for 18 coal mines by firms such as Vedanta Ltd, Hindalco Industries Ltd, and Adani Enterprises.