Gujarat Mineral Development Corporation Ltd (GMDC) announced on Monday, that it has emerged as the highest bidder for two coal mines in Odisha under a commercial coal block auction conducted by the coal ministry.

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The miner has been selected as the highest bidder for two coal mines in Odisha—Burapahar Block in Sundargarh district and the Baitarani (West) Block in Angul district.

The Burapahar Block has coal reserves of 548 million tonnes, while the Baitarani Block flaunts a geological reserve of 1,152 million tonnes, GMDC said in a media release in the recently-concluded coal block auction conducted by the Ministry of Coal.

GMDC is among the leading mining companies in the country and owns five operational lignite mines in Gujarat. Through the recent auction win, the company is set to expand its prevalence in the coal mining sector and also beyond the geographical boundaries of Gujarat.

Through the acquisition of the two coal blocks in Odisha, GMDC can not only accelerate its expansion in the country’s coal mining sector but also contribute its part to the country’s economy.

“With these developments, GMDC’s additional 21 MTPA capacity would be fuelling the nation’s energy demand, further consolidating its position as the leading mining player in the sector,” said the company.

In the December quarter, GMDC posted a consolidated net profit of Rs 266.12 crore, jumping 77.63 percent from Rs 149.8 crore in the year-ago period, and its net sales rose 24.47 percent to Rs 901.9 crore from Rs 724.58 crore in the same quarter last year.

Shares of GMDC are trading 1.8 percent lower at Rs 139.85.

(Edited by : Rukmani Krishna)