Govt Enforces ‘Melt and Pour’ Rule for All Steel in Public Projects Nippon Steel expected to finalize U.S. Steel acquisition at $55 per share NMDC Limited reports a 38% drop in Q4 FY24 consolidated net profit RINL to Raise $23 Million Through Land Sales Amid Crisis
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.
Also Read : Decision on Tesla only after Lok Sabha elections SAIL crude steel output, sales volume grow 5% in FY24
Coal India and its subsidiary Western Coalfields (WCL) are planning to initiate green energy project...
Energy 29-Jan-2024
A copper supply shortage is projected to strike the global market following the closure of First Qua...
USA 30-Jan-2024
Zambia wants to talk about getting more of the ownership of new mining projects. This means they wan...
Africa 07-Feb-2024
Tata Steel’s Q4 net profit up 117% YoY. Domestic profits declined on weak prices. ₹3.60 per...
Business 13-May-2025
Global steel prices, including those in India, will continue to be influenced by Chinese production...
Ferrous 24-Apr-2024
India is looking to boost domestic steel production capacity threefold to 500 million tonnes per ann...
Ferrous 10-Apr-2024