Jaiprakash Power Ventures win Amelia North coal mine

[Editor: Apart from this news, you must have seen the recent media reports that Jaiprakash Power Ventures Ltd’s second unit of 660 MW of (2 x 660 MW = 1320 MW) Jaypee Nigrie Super Themal Power Project (JNSTPP), has started commercial operation with effect from February 21, 2015. Thus, 1320 MW JNSTPP of the company stands fully operational. Jaiprakash Power Ventures is part of India’s leading Infrastructure conglomerate - Jaypee Group. Currently the company operates the largest hydroelectric power plant in the private sector in India. Its power projects which are in different stages of implementation include Hydro, Thermal and Transmission. Therefore, it is one best times to invest in the shares of Jaiprakash Power Ventures Ltd (Rs.11.50), with all the positive developments in its stride. Buy at around Rs.11.50, for a short term target of around Rs.14-15]

NEW DELHI, February 17, 2015, : Jaiprakash Power Ventures today bagged the Amelia (North) mine in Madhya Pradesh quoting Rs 712 per tonne, the highest among 11 firms including Adani Power, BALCO and Essar Power.

Bids are underway on the fourth day of auction for another two coal blocks - Ardhagram in West Bengal and Chotia in Chhattisgarh to be given to firms in non power sector.

"Jaiprakash Power the highest bidder at (Rs) 712 (a tonne) for Amelia North," Coal Secretary Anil Swarup tweeted.

The ten companies in the race for Amelia (North) mine apart from Jaiprakash Power Ventrues Ltd were - Adani Power, Bharat Aluminium Co Ltd (BALCO), Essar Power M P Ltd, GMR Chhattisgarh Energy Ltd, GVK Power Goindwal Sahib Ltd, Jindal Power Ltd, JSW Energy Ltd, KSK Mahanadi Power Company, RattanIndia Power Ltd and Reliance Geothermal Power Pvt Ltd.

The mine has extractable reserves of 70.28 million tonne (MT).

The other two mines - Ardhagram and Chotia for which bidding is on, have extractable reserves of 19.29 MT and 13.57 MT respectively.

Earlier tweeting on auctions, Swarup said "coal block auction gets underway on the fourth day adding that poor states will reap benefits of coal block auctions."

The five companies vying for Ardhagram coal mine are Easternrange Coal Mining Pvt Ltd, Monnet Ispat and Energy Ltd, OCL Iron & Steel Ltd, SS Natural Resources Pvt Ltd and Visa Steel Ltd.

The technically qualified bidders for Chotia mines are Balco, Godawari Power & Ispat Ltd, Hindalco Industries, Prakash Industries, Rungta Mines and Ultratech Cement Ltd.

Yesterday, Jai Prakash Associates, Durgapur Projects and B S Ispat -- had bagged one mine each, even as the government said that it expects more aggressive bidding for blocks as the mines were already producing.

After the Supreme Court cancelled allocation of 204 mines in September, the government decided to auction the blocks. It has put 19 blocks on sale in the first tranche. The last day for the auction of first lot of mine is February 22.

Courtesy: The Economic Times