Gujarat Mineral Development Corporation (GMDC) announced that it 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 tonne and the Baitarani (West) block in Angul District, a geological reserve of 1,152 million tonne.With these developments, the company said that its additional 21 MTPA would be fuelling the nation's energy demand, further consolidating its position as the leading mining player in the sector.
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.
GMDC is one of the leading mining players in India. The state-owned company currently has five operational lignite mines located in Kutch, South Gujarat, and Bhavnagar region. It is purportedly the largest merchant seller of lignite in the country. As on 31 December 2022, Government of Gujarat holds 74% stake in the company.
The company's consolidated net profit jumped 77.6% to Rs 266.12 crore on 18.1% rise in revenue from operations to Rs 855.41 crore in Q3 FY23 over Q3 FY22.
The scrip fell 2.56% to currently trade at Rs 138.80 on the BSE.
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