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    Essar Steel wins coal block in Odisha

    Essar Steel Coal Block
    Following its well thought after robust bidding, Essar Steel managed to bag an iron ore block in Odisha. The company emerged as the H1 bidder, quoting a price of 44.5% over and above the reserve price of the block leaving way behind players like strong contenders like Tata Steel, Jindal Steel & Power Ltd (JSPL) and JSW Steel. The first ever iron ore block auction in Odisha has fetched a better response as compared to other mineral bearing states, said a source, adding that the financial bids for the auctions were completed after seven steel firms had qualified in technical bidding. Tata Steel, JSPL, JSW Steel, Essar Steel, Bhushan Steel Ltd, Bhushan Power & Steel Ltd and Rashtriya Ispat & Nigam Ltd (RINL) had also submitted technical bids. The Ghorhaburhani-Sagasahi iron ore block offered for e-auctions is at G2 exploration stage and located in Koira sector in Sundargarh district. The block, with deposits of 99.54 million tone has been reserved for integrated steel plant as end use and mining lease (ML) will be issued to the successful bidder. The mineral concession area is spread over 139.16 hectares (ha) including 20.88 ha forest land, 110.69 ha government land and the balance 7.58 ha private land.
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