 "Vedanta arm Balco wins bid for 900 mn tonne coal block in Chhattisgarh")
Vedanta Ltd on Wednesday said that its arm Balco has won the bid for a coal block in Chhattisgarh.
The company emerged as successful bidder for the mine during the fourth round of commercial coal mine auction conducted by the government.
"The coal block is an optimal fit for Balco, given its logistical location," Vedanta said in a filing to BSE.
Once operational, the mine will provide fuel security, enhance power availability, and further strengthen Balco's operations and performance.
The block has estimated reserves of 900 million tonnes.
Balco was incorporated in 1965 as the first public sector undertaking in the country.
In 2001 the Centre disinvested 51 per cent shares of Bharat Aluminium Company Ltd (BALCO) to Sterlite Industries Limited, a subsidiary of Vedanta Limited. The remaining 49 per cent is with the Centre.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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