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Special CBI Judge Bharat Parasher also sentenced two senior government officials, K S Kropha and K C Samaria, for two-year imprisonment in the case.
Besides the jail term, the court also imposed a fine of Rs one lakh each on the three convicts.
Besides them, the court imposed a fine of Rs one crore on convicted private firm Kamal Sponge Steel and Power Ltd, while its Managing Director Pawan Kumar Ahluwalia was awarded three-year jail term by the court.
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All the convicts were granted bail soon after the sentence was announced to enable them move the High Court.
Gupta and two serving senior officials were earlier convicted by the court for irregularities in the allocation of of the Thesgora-B Rudrapuri coal block in Madhya Pradesh to a private firm.