JSW Steel gains on being declared preferred bidder for Ajgaon Iron Ore Block

6 Apr 2022 , 02:21 PM

In a regulatory filing made during market hours today, the steelmaker said that the company has been declared as a preferred bidder vide communication received from the Directorate of Geology and Mining, Maharashtra, for a composite license 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 Government of Maharashtra on 30 March 2022.

The highest final offer price by the company to become a preferred bidder is 25% of the average monthly prices of iron ore of different grades and quality published by the 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,? JSW Steel said in a statement.

JSW Steel is primarily engaged in the business of manufacturing and sale of Iron and Steel Products.

The companys consolidated net profit advanced 69.2% to Rs 4,516 crore on 74.3 % increase in net sales to Rs 37,462 crore in Q3 FY22 over Q3 FY21.

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