Millennium Post

Hindalco bags Kathautia coal mine

On the second day of coal auction, Hindalco Industries on Sunday walked away with a coal mine in Jharkhand. Coal Secretary Anil Swarup confirmed the development saying that "Kathautia mine goes to Hindalco at Rs 2,860 (per tonne)."

"Kathautia closed at Rs 2,860 which means Rs 228 crore per annum and Rs 6,800 crore for 30 years. Companies like Monnet Ispat & Energy, Ultratech Cement and Rungta Mines were in the race for the mine.

GMR and Reliance Cement bagged one mine each yesterday for an estimated Rs 1,375 crore and Rs 798 crore respectively. "GMR Chhattisgarh Energy won the Talabira-1 coal block inOdisha," Swarup has said. GMR pipped Adani Power, Essar Power, Sesa Sterlite and others by bidding at Rs 478 per tonne to get the mine.

Anil-Ambani led Reliance Cement beat Hindustan Zinc (HZL) and OCL Iron & Steel to bag the Sial 
Ghoghri coal mine in Chhindwara district of Madhya Pradesh.

After the Supreme Court cancelled allocation of 204 mines in September, the government decided to auction the blocks. It is putting up 19 blocks on sale in the first tranche. After clearing the technical bidding stage, entities from Reliance, Adani, Essar, GMR, Vedanta and Aditya Birla groups became eligible to bid or two blocks -- one in Odisha and the other one in Madhya Pradesh. 
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