By Bizodisha Bureau, New Delhi, March 7, 2015 :

Mandakini coal block in Odisha with some 322 million tons of reserve and annual production of 7.5 million tons was auctioned for a price of Rs 602 per ton.

Mandakini Exploration and Mining [MEM], a joint venture between Monnet Ispat & Energy and Jindal India Thermal, bagged the Mandakini coal block by quoting the price. It also agreed to forego the mining cost.

Adani Power, which had submitted two bids for the block, GMR Energy, Jindal Power, and Wigeon Commotrade Pvt Ltd lost out to MEM to bag the mine. The block was earlier owned by Monnet Ispat & Energy Ltd, Jindal Photo Lab and Tata Power Company.