The bid by Kolkata-based firm Shreesatya Mines Private Ltd for partially explored Rauta Closed mine in Jharkhand is the highest so far by any company in both rounds of commercial coal auctions. Data available with the corporate affairs ministry showed that Shreesatya Mines Private Ltd was incorporated on June 7 this year.
Last year, Sarda Energy and Minerals Ltd had won the Gare Palma IV/7 coal mine in Chhattisgarh by agreeing to forego 66.75% revenue. The average premium in the first tranche of commercial coal auctions was at 29%.
The government offered two coal mines in Maharashtra and Jharkhand under electronic auction on Tuesday, the second day of auctions. Bhivkund in Maharashtra, for which Sunflag Iron & Steel emerged as preferred bidder, is a fully explored mine with geological reserves of 102.26 million tonnes and peak capacity of 0.72 million tonnes per annum. Aurobindo Realty & Infrastructure was also in the race for the block.
The Rauta Closed Mine in Jharkhand is a partially explored mine with geological reserves of 7 million tonnes. Adhunik Power & Natural Resources, Shree Sai Urja and South West Pinnacle Exploration were the others in fray for the coal mine.
On Monday, Adani Group emerged as the preferred bidder for two coal blocks for commercial use in Maharashtra and Chhattisgarh. Gurgaon-based exploration services firm South West Pinnacle Exploration emerged as the highest bidder for a coal mine in Jharkhand quoting a premium of 24.25%, sources said.
Three more mines will be bid on Wednesday, the concluding day of the second tranche.
Adani Power Maharashtra offered 9.5% revenue over floor price for Gondkhari coal mine in Maharashtra, while the same group company CG Naturals Resources Ltd emerged as preferred bidder for the Jhigador mine in Chhattisgarh. Sunflag Iron and Steel was also in the race for the Gondkhari explored mine with peak capacity of one million tonnes per annum. The mine has geological reserves of 98.71 million tonnes.
CG Natural Resources pipped Aurobindo Reality and Infrastructure emerged as highest bidder for the partially explored Jhigador mine in Chhattisgarh with 250 million tonnes geological reserves.
Dhansar Engineering Co and Hilltop Hirise Pvt Ltd were the others in race for Jogeshwar and Khas Jogeshwar partially explored mine in Jharkhand with 84.03 million tonnes geological reserves.
The second tranche of coal auctions for commercial mining was launched on March 25.
In the first tranche of commercial coal auctions, 19 mines were auctioned with the premium quoted by the successful bidders ranging from 9.5% to 66.75%.
