Vedanta plans 25k crore investment, highest bidder for two coal mines in Odisha
Vedanta plans 25k crore investment, highest bidder for two coal mines in Odisha
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Bhubaneswar: On the second day of the commercial coal mines auction on Wednesday, Vedanta placed the highest bid for two coal mines in Odisha.
Two coal mines, both of which were MMDR coal mines, were placed up for auction today on the second day of the e-auction, according to a statement from the coal ministry.
The bid for Ghogharpalli and its Dip Extension mines was won by the Anil Agarwal-led company. According to government sources, both coal mines are fully explored, with geological reserves totaling 1,288.28 million tonnes and a peak rate capacity (PRC) of 20 million tonnes per year.
In the second try of the fourth round of the commercial coal mine auction, the blocks were put up for auction.
Notably, Vendanta intends to make additional investments totaling more than Rs 25,000 crore in order to expand its mining, ferrochrome, and aluminium businesses in Odisha. Anil Agarwal, the chairman of Vedanta Resources, made this declaration on Wednesday while having a meeting with Naveen Patnaik, the chief minister of Odisha, outside the Make in Odisha-2022 Roadshow in Mumbai.
He noted that the business is creating one of the largest Aluminium Parks close to the Jharsuguda smelting facility in addition to the Rs 25,000 crore in new investments to strengthen the local downstream ecosystem for aluminium.
