Hindalco and Sunflag Iron & Steel win big on second day of Coal auctions
16 February 2015
Second day of the coal auctions threw up interesting results for the bidders, as Hindalco and Sunflag Iron & Steel bagged contracts due to their aggressive pricing.
Kumar Mangalam Birla-owned Hindalco won contract for Kathautia mine in Jharkhand by offering Rs 2,860 per tonne of coal. It won the order over several other bidders like Monnet Ispat & Energy, Rungta Mines, UltraTech Cement and the prior allottee Usha Martin.
Similarly, Sunflag Iron & Steel emerged successful in bidding for Belgaon block in Maharashtra at Rs 1,785 per tonne. The company outbid firms like Balco, Reliance Cement and Topworth Urja and Metals. The block has the capacity of 14 million tonne reserves.