Sources also told India’s Economic Times that Jindal Steel, the white knight key investor of Wollongong Coal (formerly known as Gujarat NRE Coking Coal), was eyeing four of these blocks which form part of an upcoming auction.

“Power firms have to bid lower than the price arrived after the technical stage,” the newspaper reported.

“The last date for bid submission is February 3 while the price bidding starts February 14. The final price will be the cost of coal that the winner can pass on to electricity consumers.”

In other recent news, Adani’s Australian arm has downplayed any impacts from the recent Queensland election in regards to its $15 billion Carmichael thermal coal project in the Galilee Basin.

“The company will work with every partner and every government in ensuring these important projects proceed,” Adani Mining CEO Jeyakumar Janakaraj said following Saturday’s election which ended the political career of Queensland Premier and Adani supporter Campbell Newman.