JSW Steel declared as preferred bidder for iron ore mine in Maharashtra

7 Apr 2022 , 09:19 AM

JSW Steel Ltd has announced that it has been declared as a “Preferred Bidder” vide communication dated March 31, 2022 received from the Directorate of Geology and Mining, Maharashtra, for Composite Licence of an unexplored Iron Ore mine (Ajgaon Iron Ore Block of Sindhudurg District) in the State of Maharashtra, in the Auctions held by the State Govt. of Maharashtra on March 30, 2022.

As per the filing, the highest final offer price by the Company to become a “Preferred Bidder” is 25% of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in the State of Maharashtra from time to time.

The Company will take all requisite steps as per the tender document to obtain Letter of Intent, all statutory clearances to execute the Lease Deed with Mine Development and Production Agreement (MDPA) and start the mining operations.

At around 9:22 AM, JSW Steel was trading at Rs742 apiece up by Rs4.5 or 0.61% on the BSE.