India: UltraTech wins two coal mines in auction

UltraTech Cement, one of the largest cement manufacturers in India, has secured two coal linkages for its cement plants in Maharashtra.

The company had participated in the auction of coal linkages for cement sector and won Penganga OC mines and Mana Incline mine in the State. The company has won the Penganga OC mine for a basic floor price of INR1510/t (US$22.4/t) and a premium of INR20/t (US$0.29/t).

The bid price for the Mana Incline mine was at a basic floor price of INR2060/t. Further, the company intends to participate in the future linkage auctions for its plants located strategically near the coal mines.