GMDC emerged as highest bidder for Two Coal Mines in Odisha under Commercial Coal Block Auction

Gujarat Mineral Development Corporation (GMDC), a leading mining PSU enterprise and the largest lignite seller in the country, today announced that it had emerged as the highest bidder for Two Coal Mines in Odisha in the recently concluded commercial coal block auction by the Ministry of Coal, Government of India. GMDC has won the bids for Odisha's Burapahar Block in Sundargarh District, having a Geological Reserve of 548 million Tonnes and the Baitarani (West) Block in Angul District a geological reserve of 1152 million Tonnes.

This successful acquisition of the coal blocks is a significant achievement for GMDC, as it expands the company's presence in the coal mining sector and will contribute to the growth of the Indian economy. With these developments, GMDC's additional 21 MTPA would be fuelling the nation's energy demand, further consolidating its position as the leading mining player in the sector.

Commenting on the development, Mr. Roopwant Singh, Managing Director of GMDC, said, "We are delighted to have won two blocks in Odisha during the recent commercial coal block auction. We are committed to utilizing our resources and expertise to develop these blocks to their fullest potential while ensuring the highest standards of safety and environmental sustainability".

Moving ahead on the journey towards an Aatmanirbhar Gujarat, this expansion helps GMDC go beyond the geographical boundaries of Gujarat and helps future planning opportunities for the development of the power sector and building energy requirements of the country.

Shares of Gujarat Mineral Development Corporation Limited was last trading in BSE at Rs. 142.45 as compared to the previous close of Rs. 143.70. The total number of shares traded during the day was 79199 in over 1487 trades.

The stock hit an intraday high of Rs. 143.30 and intraday low of 140.90. The net turnover during the day was Rs. 11256830.00.

Source : Equity Bulls

Keywords

GujaratMineralDevelopmentCorporation INE131A01031 GMDC HighestBidder CoalMines Odisha