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NEW DELHI: Naveen Jindal‘s Jindal Steel & Power has won Gare Palma IV/5 coal block in the lastest round of auctions.
JSPL emerged as the highest bidder for the coal block with a bid price of Rs 230 per tonne, a premium of 53% over reserve price, sources said.
The coal block was owned by the company before the Supreme Court in 2014 cancelled all captive mine allocations. The Gare Palma IV/5 mine in Chhattisgarh was closed since deallocation
In the first tranche of coal block auction in 2015, the coal ministry had rejected Jindal Power’s best bids for Gare Palma IV/2&3 block and Tara block that received low bids as compared to other blocks. The two Gare Palma blocks were given to Coal India for operation and the high court later upheld the decision.
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