Adani Enterprises' subsidiary wins bid for Ballada bauxite block

3 Mar 2023 , 12:07 PM

Adani Enterprises Limited informed that its wholly owned subsidiary Mundra Aluminium Limited (MAL) has been declared as the preferred bidder for Ballada Bauxite Block in Odisha.

MAL has been incorporated with the objective of carrying out the business of refining, mining, development, smelting, production, and operations of bauxite, alumina, and aluminium.

Adani Enterprise informed the bourses that MAL recently took part in the auction proceedings invited by the Odisha government. We are pleased to inform you that, based on the results of the auction proceedings, MAL has been declared the ‘Preferred Bidder,’ and that the Govt. of Odisha has issued a Letter of Intent (LOI) dated March 1, 2023, in respect of the Ballada Bauxite Block mineral block in Odisha.

The block has total geological resources of 22.13 million tonnes. The block is situated in Nandapur, Koraput District, Odisha.

At around 12.02 PM, Adani Enterprises was trading 13.55% higher at Rs1,825 apiece, against the previous close of Rs1,607.25 on NSE. The counter hit an intraday high of Rs1,837.

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