Sarda Energy offers 66.75% revenue to bag Chhattisgarh mine
NEW DELHI: Sarda Energy NSE 0.20 % and Minerals Ltd on Monday won a coal mine in Chhattisgarh by agreeing to part with whopping 66.75% revenue to pip seven other firms including Adani Enterprises, Hindalco Industries and JSW Steel. This is the highest revenue share offered by any bidder in the first tranche of commercial coal mine auctions.
The Gare Palma IV/7 coal block in the state was put up for auction on the last day of the auctions. The total geological reserves of the mine are 234.205 million tonnes with a peak capacity of 1.million tonnes per annum. “The e-auction witnessed strong competition amongst the bidders with the mine attracting a good premium over the floor price,” a coal ministry statement said. The mine is estimated to generate 210.5 crore revenue to the state government once it reaches peak capacity.
