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Successful auction of one limestone block in Raipur District concludes; estimated cumulative revenue of Rs 11,894 Cr to State 22 Blocks auctioned till date; estimated value of over 1 lakh Cr disposed off in transparent manner

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Successful auction of one limestone block in Raipur District concludes; estimated cumulative of Rs 11,894 Cr to State

22 Blocks auctioned till date; estimated value of over 1 lakh Cr disposed off in transparent manner

The State Government of Chattisgarh has successfully auctioned one block of Limestone (Kesla II) in Raipur District with reserves of 215 million tonnes as on today. The preferred bidder for this block is M/s Dalmia (Bharat) Cement. This block has an estimated value of mineral resource of Rs 10,367crores. With a reserve price of 5 %, the block received a highest bid of 96.15% which translates into estimated cumulative of Rs 11,894 crores to State Government over the lease period. The additionality to States exchequer through auctions only, works out to be Rs.9,968 Crores over the lease period whereas Royalty, District Mineral Foundation (DMF) and National Mineral Exploration Trust (NMET) would contribute Rs 1,720 Crore, Rs 172 Crore and Rs 34.4 Crore respectively.

With this successful auction of one limestone block in Raipur District, a total of twenty two blocks with estimated value of resources over 1 lakh Crore has been disposed of in a transparent manner till date. The total estimated accrued to the State Governments over the lease period stands at Rs 85,253 Crores with Rs 67,502 Crore as additionality to the States exchequer through auctions. Out of this the cumulative Royalty, District Mineral Fund (DMF) and National Mineral Exploration Trust (NMET) contributions work out to be Rs. 17,752 Crores (Rs. 15,850 Crores, Rs.1,590 Crores and Rs.317 Crores, respectively).

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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