Sarda Energy acquires Pelma Mines after Six Years.

Sarda Energy acquires Pelma Mines after Six Years.

Dispatch News.

Raigarh. After the Supreme Court cancelled the coal block allocation in the year 2014, Gare Pelma 4/7 coal block, which was left out of Sarda Energy, is now restored after six years. The company has acquired Pelma Mines by out-bidding more than a dozen businesses.

On Monday, the commercial auction of the coal block got completed. On the last day of the auction, Gare Pelma 4/7 mines were to be sold, with a maximum bid of 66.76 per cent to Sarda Energy, this is the highest bid ever for a mine. Remarkably, the Ministry of Coal had submitted tender applications for the commercial use of thirty-eight mines, but the companies showed interest in only nineteen of them. The auction process, which lasted from December 2 to 9, saw the auction of Gare Pelma 4/7 mines on Monday, the last day. Till now the maximum bid for the coal auction was forty-one per cent. However, for this mine in Tamnar, Sarada Energy beat JPL and JSW, with the highest bid of 66.75 per cent. The coal mine had gone to Monnet Energy in the auction after the Supreme Court order and was later transferred to SECL.