 "Amelia coal block in MP draws highest bid from a power genco")
The coal ministry received the highest bid till date for a block kept for the power sector on the fourth day of e-auction of these on Tuesday. Amelia North coal block in Madhya Pradesh received a final bid of Rs 712 a tonne from Jaiprakash Power Ventures, flagship company of the Jaypee Group.
The proceeds would go to the Madhya Pradesh state exchequer. Jaiprakash Power would have to pay Rs 166 crore annually. There is reverse bidding on blocks for the power sector.
Amelia North was one of the prime blocks with 26 million tonnes of extractable reserves, with 11 companies putting in technical bids. The other bidders were Essar Power, GMR Chhattisgarh Energy, RattanIndia Power, Reliance Geothermal Power, Jindal Power, Bharat Aluminium Company, KSK Mahanadi Power, Adani Power, GVK Power & Infrastructure, and JSW Energy. Finance Minister Arun Jaitley said the reverse auction process would ensure cheaper electricity to the common man against the practice of certain states giving power subsidy.
“In reverse bidding, the cost of power is going to be linked with the rate at which you get the fuel,” Jaitley said at RE-Invest 2015, India’s first global renewable energy conference, here on Tuesday.
The proceeds would go to the Madhya Pradesh state exchequer. Jaiprakash Power would have to pay Rs 166 crore annually. There is reverse bidding on blocks for the power sector.
Amelia North was one of the prime blocks with 26 million tonnes of extractable reserves, with 11 companies putting in technical bids. The other bidders were Essar Power, GMR Chhattisgarh Energy, RattanIndia Power, Reliance Geothermal Power, Jindal Power, Bharat Aluminium Company, KSK Mahanadi Power, Adani Power, GVK Power & Infrastructure, and JSW Energy. Finance Minister Arun Jaitley said the reverse auction process would ensure cheaper electricity to the common man against the practice of certain states giving power subsidy.
“In reverse bidding, the cost of power is going to be linked with the rate at which you get the fuel,” Jaitley said at RE-Invest 2015, India’s first global renewable energy conference, here on Tuesday.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%