Govt rejects bids of Balco, Jindal Power for coal mines

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Govt rejects bids of Balco, Jindal Power for coal mines

The Hindu;

NEW DELHI, MARCH 21`:  

Jindal Power Ltd and Balco’s bids for coal blocks have not been accepted after the same were re-examined for outliers in the bidding pattern.

An official source said late on Friday, “Bids for Gare Palma IV/2&3, Gare Palma IV/1 and Tara have not been accepted.”

Jindal Power was the highest bidder for the Gare Palma IV/2&3 block with 155.49 million tonne of extractable reserves for Rs 108 a tonne. The block was reserved for the power sector. Its bid for the Tara block which was the highest at Rs 126 a tonne was also rejected. Tara has over 160 million tonne of extractable reserves.

BALCO’s bid for the Gare Palma IV/1 block was also rejected. The company was the highest bidder with a bid for Rs 1,585 a tonne.

The Gare Palma IV/2&3 and Gare Palma IV/1 were producing blocks which were re-examined by the Nominated Authority first and subsequently an inter-ministerial committee. The decision on the blocks was taken late on Friday night.

Out of the 31 blocks that were auctioned till March 9, eight were under re-examination. Agreements for the winners of the remaining 23 blocks have already been signed and executed this week. The vesting order is expected to be issued by the Coal Ministry on Monday.

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