Shyam Metalics & Energy Gains 2% as It Secures License for Maharashtra Iron Ore Block

27 Mar 2024 , 11:26 AM

Shyam Metalics & Energy shares rose by 2% during early trade on March 27 following the company’s acquisition of a composite license for the Surjagad-1 iron ore block in Maharashtra.

At the time of writing, Shyam Metalics & Energy was trading at ₹611.15, marking a 1.88% increase on the BSE.

The Letter of Intent (LoI) was granted to Natural Resources Energy Private Limited (NREPL), a joint venture company, with Dorite Tracon Private Limited, a promoter of Shyam Metalics and Energy Limited, holding 49% of the economic interest in NREPL.

The composite license pertains to the Surjagad 1 Iron Ore Block, covering an area of 1,526 hectares in Angudra, Ramunkal Meta, Puske Meta, Negal Meta village, Etapalli Taluka, and Gadchiroli District.

The LoI is valid for one year, during which NREPL will fulfill requirements to obtain the final composite license from the Government of Maharashtra.

B Bhushan, VCMD of Shyam Metalics and Energy Limited, expressed satisfaction with the collaborative efforts between Shyam Metalics and Sarda Energy & Minerals Ltd., emphasizing their commitment to responsible growth and adherence to environmental and safety standards.

Shyam Metalics & Energy recently announced its expansion into a greenfield project focused on aluminum flat-rolled products, with plans to invest ₹450 Crore, facilitating group capacity expansion.

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