JSPL hits jackpot; retains 2 blocks at lowest price

NEW DELHI: Jindal Steel & Power Ltd hit a jackpot on Thursday retaining its two coal blocks Gare Palma IV/2 and Gare Palma IV/3 in Chhattisgarh for a surprisingly low winning bid of Rs 108 per tonne.

The company's shares rose 22% before close on the Bombay Stock Exchange.

The blocks, reserved for the power sector, has 187.19 extractable reserves.

JSPL had submitted three bids for the blocks, merged as one for auction by the government. for

Adani Power, GMR Energy, Jindal India Thermal, JSW energy, KSK Mahanadi and Reliance Geothermal were among the qualified bidders eyeing the block.