More new players enter commercial coal mining on Day-4 of auction

The two mines on offer today were both picked up by first-time bidders

More new companies emerged as highest bidders on the fourth day of the commercial coal mining auction on Thursday. While Ranchi-based Fairmine Carbons bagged the Rajhara mine in Jharkhand, Sahapur East mine of Madhya Pradesh went to Chowgule & Company, a Goa-based shipyard firm.

Fairmine Carbons, which was formed in July this year, quoted the highest closing bid of 23 per cent premium on the revenue share to the mine-bearing state. According to corporate submissions, the company manufactures coke, refined petroleum products, and nuclear fuel. 

For the Sahapur East mine, Chowgule & Company bid 41 per cent premium on the revenue share.