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The government of Maharashtra's Department of Industry, Energy, Labour, and Mining has sent a letter of intent (LoI) to Natural Resources Energy Private Ltd (NREPL), the joint venture company of integrated metal producer Shyam Metalics and Energy Ltd.
The LoI relates to the composite licence for a Maharashtra-based iron ore block. According to a stock exchange filing, Dorite Tracon Private Ltd, the promoter firm of Shyam Metalics and Energy, possesses an economic stake of 49% in NREPL. Surjagad 1 iron ore's composite licence spans 1,526 hectares in Gadchiroli district.
This development follows NREPL's successful bid in the e-auction process conducted for the mineral block. As the ‘preferred bidder’ under the established auction rules, NREPL submitted a final price offer of 126.35%.
B. Bhushan, Vice Chairman and Managing Director of Shyam Metalics and Energy said, "It reinforces our shared vision for growth and development within Maharashtra’s mining sector. We are committed to responsibly utilising this opportunity to create value for all stakeholders while adhering to the highest environmental and safety standards."
The LoI is valid for one year from the date of issuance. During this time, NREPL will fulfil all necessary conditions to secure the final composite licence from the Maharashtra government. This project can contribute to the economic growth of the region, generate employment opportunities, and support the nation's infrastructure development, the company added.
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