Essar Power wins its first coal block.

The Ruia's Essar Group won its first block in the ongoing coal block auctions. Essar Power made highest bid for the Tokisud North block at Rs. 1,110 a tonne.

The block reserved for the power sector had hit zero bid early in the day before bidding shifted to forward bids on the royalty payable to the state of Jharkhand.

Day five of the auctions also saw Gare Palma IV/5 in Chhattisgarh on offer. At 8.50 p.m, the bid had reached Rs. 2,908 per tonne.

Essar beat the likes of Adani Power and Jindal Power. In the race for Gare Palma were Ambuja Cement and Hindalco. Combined two blocks have reserves of 178.22 million tonne.

HBL