NEW DELHI: India’s first auction of coal mines for commercial sale began Monday under which five mines were bid out. Vedanta has bid highest at 21 per cent revenue sharing for the big coal mine on offer — Radhikhapur West in Odisha which has reserves of about 312 million tonnes.
Hindalco has bid highest for Chakla coal mine at 14.25 per cent revenue sharing, followed by JMS mining bidding highest for Urban Coal mine and Aurobindo Realty has bid 30.76 per cent for Takli (North & South) mines.
In all the mines auctioned, the final offer received was above 10 per cent, indicating a robust demand, said a coal ministry official. Bidding for the MarkiMangli II coal mine in Maharashtra, the auction of which was opposed by the state government on environmental grounds, went on for longer than the rest, according to the officials. The next auction is scheduled on November 9 when the Centre plans to put another 19 mines on offer.