Shyam Metalics & Energy Surges 2% as it Secures Iron Ore Block License in Maharashtra

27 Mar 2024 , 01:45 PM

Shyam Metalics & Energy’s share price surged by 2% in early trading on March 27 following the 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 ₹605.45, marking a 0.93% increase on the BSE.

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

The composite license encompasses the Surjagad 1 Iron Ore Block, covering areas in Angudra, Ramunkal Meta, Puske Meta, Negal Meta village, Etapalli Taluka, and Gadchiroli District, spread over 1,526 hectares.

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

B Bhushan, VCMD of Shyam Metalics and Energy Limited, hailed the LoI as a milestone achievement, emphasizing collaborative efforts with Sarda Energy & Minerals Ltd. and a commitment to responsible growth within Maharashtra’s mining sector.

Shyam Metalics & Energy recently announced its entry into a greenfield expansion project focusing on aluminum flat-rolled products, with a planned investment of ₹450 Crore, facilitating group capacity expansion.

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