UltraTech Cement secures winning bid for limestone block

UltraTech Cement has emerged as the winner in the auction of Chhattisgarh’s Guma limestone block. Over 600 bids were made for the mine in an e-auction that lasted for 15 hours, according to The Times of India.

The state will receive approximately INR73.9bn (US$1.14bn), marking a new record in revenue accrued from a mineral auction. The amount reached 138.3 per cent of IBM price (INR431/t), and is in addition to other fees payable to the state.

"In the second phase of auctions, participation from cement manufacturers, intent on setting up greenfield units in the state, has increased. Notably, Kesla-II limestone block, auctioned earlier this financial year, went to Dalmia Bharat which is a new entrant in the state of Chhattisgarh," said Secretary Subodh Kumar Singh.