Tata Steel subsidiary gets LoI for Saruabil Chromite mining block

Tata Steel Limited has clarified about its participation with its subsidiary in the e-auction process, held by the Government of Odisha, for the chromite mine, which is currently held by M/s Misrilal Mines Pvt. Ltd.

The Government of Odisha had undertaken an auction process for the grant of the mining lease for the Saruabil Chromite mining block. The Government has issued a Letter of Intent, dated January 6, 2020, to T S Alloys Limited, a wholly-owned subsidiary of the Company, as the successful bidder for grant of mining lease for 50 years, subject to fulfillment of certain conditions.

The lease period for the above mine was scheduled to expire on March 31, 2020. The company has another chromite mine at Sukinda, which is also expiring on March 31, 2020. As the Odisha government has not yet notified the auction of this mine, Tata Steel is working towards closing the mining process at Sukinda and associated operations in a smooth and responsible manner.

Tata Steel Limited is a diversified steel producer, engaged in the business of producing steel, including raw material and finishing operations.

On Wednesday, stock of Tata Steel opened at Rs 471.50, down by 1 per cent from its previous close of Rs 475.65.