Business Ideas

Essar Oil gets three more CBM blocks

Essar Oil has bagged three more coal bed methane (CBM) blocks after a panel of secretaries rejected the bids put in by a consortium led by Deep Industries. - Expansion of Essar"s Vadinar refinery on schedule - Expansion of Essar"s Vadinar refinery on time - Expansion of Essar"s Vadinar refinery on schedule - Gas reserves at Essar"s Raniganj field 43% more than estimates - Essar"s Shell acquisition may cost $1.2 billion - Reaction from double top An empowered committee of secretaries (ECS) yesterday rejected the winning bids by Deep Industries- led group as it did not meet the qualifying criteria, sources in know said. Deep Industries and partner had got seven out of eight CBM blocks that got bids at the close of bidding round on October 12. Sources said ECS would now award the blocks to the second highest bidder. Accordingly, Essar will get three blocks while Great Eastern Energy would get one block in Assam. Essar had an October 12 got one block and the ECS decision would take its tally to four.


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