The auction for coal blocks began aggressively with Anil Ambani's Reliance Cement bagging a block with a bid of Rs 1,402 per tonne, more than nine times the floor price of Rs 150, prompting the government to call it a grand success that would generate more revenue than the Comptroller and Auditor General of India's (CAG's) estimate of Rs 1.86 lakh crore lost by free distribution. GMR Energy won the Talabira -I coal block in Odisha with a very aggressive bid of Rs 478 per tonne. Adani Power, Essar Power, Sesa Sterlite, GMR Energy and OPG Power Generation were eyeing the Talabira-I block previously allotted to Hindalco. Industry experts say companies were desperate to ensure fuel for plants and had made unsustainable bids in the online auction that kicked-off on Saturday. Reliance Cement bagged the Sial Ghogri underground mine in Madhya Pradesh, beating Hindustan Zinc and OCL Iron & Steel for the block earlier held by Prism Cement. For the other mine on offer, Talabi...
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