In an exchange filing made during market hours today, the company said that it has been declared as the highest bidder for Ghogharpalli and its Dip Extension coal block, located in Sundargarh district, Odisha under Tranche V of commercial coal block auction conducted by Ministry of Coal.

The coal block is an optimal fit for the company's Jharsuguda smelter given its logistical location and annual capacity. The mine has total reserves of 1,288 million tonnes and an estimated per annum capacity of 20 million tonnes.

Once operational, the coal mine will provide fuel security, improve power availability and further strengthen the company's aluminium operations and performance.

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa and Namibia.

On consolidated basis, Vedanta's net profit rose 6% to Rs 5,592 crore on 36% increase in net sales to Rs 38,251 crore in Q1 FY23 over Q1 FY22.