Govt gets Rs 2,529 cr on first day of coal mine auctions

The first day of <g data-gr-id="36">third</g> tranche of coal mines auctions on Tuesday saw government garnering a total of Rs 2,529 crore from bidding of two blocks in Chhattisgarh and Maharashtra.

Crest Steel and Power Pvt Ltd, a <g data-gr-id="34">Topworth</g> Group entity, emerged as the highest bidder for Bhaskarpara mine in Chhattisgarh which will fetch the government Rs 1,817 crore.

Companies like JSPL were there in the race for the mine. The Group's arm <g data-gr-id="32">Topworth</g> Urja & Metals Ltd emerged as the highest bidder for Marki <g data-gr-id="33">Mangli</g>-I mine in Maharashtra earlier in the day.

"Crest Steel and Power highest bidder for Bhaskarpara coal block at (Rs) 755 (a tonne), " Coal 

Secretary Anil Swarup said in a tweet. Marki <g data-gr-id="39">Mangli</g>-I mine will fetch the government Rs 712 crore. Bhaskarpara mine was earlier jointly <g data-gr-id="40">alloted</g> to Electrotherm (India) Ltd and Grasim Industries Ltd. 

The extractable reserves of the Bhaskarpara coal block <g data-gr-id="35">is</g> 24.06 million tonnes (mt).

<g data-gr-id="42">The amount of</g> proceeds <g data-gr-id="41">have</g> been calculated based on extractable reserves and highest bid price. 

The companies vying for Bhaskarpara Coal Mine included Jindal Steel and Power Ltd (JSPL) and Godawari Natural Resources Ltd. "<g data-gr-id="37">Topworth</g> Urja and Metal highest bidder at (Rs) 715 (per tonne) for Marki <g data-gr-id="38">Mangli</g> 1 coal block," Swarup said in a tweet.

Grace Industries Ltd and Lloyds Metals and Energy Ltd were in the race for Marki <g data-gr-id="26">Mangli</g> 1 mine. The extractable reserves of Marki <g data-gr-id="28">Mangli</g>-I mine are 9.96 mt.

<g data-gr-id="29">Topworth</g> Urja & Metals has three power plants located within its steel plants having a combined generation capacity of 62 <g data-gr-id="30">mw</g>. It is also setting up a 140 <g data-gr-id="31">mw</g> power plants for its captive purpose, according to its website. Marki <g data-gr-id="24">Mangli</g>-I mine was earlier allocated to B S Ispat Ltd.