NLC India Declared as Lowest Bidder for Coal Mine Project in Odisha

NLC India Ltd., a state-owned enterprise, has been named the lowest bidder for the new Patrapada South coal mine project located in the Angul district of Odisha, as stated in an exchange filing on Friday. The company signed a coal mine development and production agreement with the Ministry of Coal on Thursday.

This marks the third commercial coal mine for NLC. The announcement of NLC as the lowest bidder came after the commercial coal block e-auction held by the ministry on November 21.

In November, the company said that it would infuse Rs 3,720 crore in its subsidiary, NLC India Renewable, in one or more tranches for the various renewable projects.

The Navratna firm will inject funds in its subsidiary through the way of cash and the infused funds will be utilized for the development of renewable power projects in Gujarat and Rajasthan.

Shares of NLC closed 0.74% higher at Rs 266.30 apiece on the National Stock Exchange, compared to a 0.12% decline in the benchmark Nifty. The stock has risen 45.20% in the last 12 months and 5.07% on a year-to-date basis.

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