IRFC shares in focus after emerging as the lowest bidder to finance Rs 3,167 crore for a Jharkhand mine
IRFC) shares will remain in focus on Wednesday, January 15, after the firm emerged as the lowest bidder (L1) to finance Rs 3,167 crore for the development of the Banhardih coal block in Latehar District, Jharkhand.
The project is being undertaken by Patratu Vidyut Utpadan Nigam Ltd (PVUNL), a joint venture between NTPC Ltd (holding a 74% equity stake) and Jharkhand Bijli Vitran Nigam Ltd (26% equity stake).
«IRFC has emerged as the L1 bidder for financing Rs 3,167 crore for the development of the Banhardih Coal Block in Latehar District, Jharkhand. This project is being undertaken by Patratu Vidyut Utpadan Nigam Limited (PVUNL), a joint venture between NTPC Limited (74% equity stake) and Jharkhand Bijli Vitran Nigam Limited (26% equity stake),» IRFC said in an exchange filing.
The coal block, allocated to PVUNL as a captive coal source, will support the company's operations by facilitating coal transportation to its project site. Coal extracted from the block will be moved to the Chetar station via a Mine-Gain-Rail (MGR) system and then transported using Indian Railways.
This financing proposal remains subject to further due diligence, board approval, and finalisation of detailed sanctioned terms with PVUNL.
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