Jindal Stainless inks MoU with Tata Steel Mining for mining of common boundary in Sukinda

The partnership sets an example for sustainable chrome ore mining and is a win-win-win partnership for the State of Odisha, TSML and JSL.

Jindal Stainless (JSL) said that the company has signed a Memorandum of Understanding (MoU) with Tata Steel Mining (TSML) for jointly unearthing the chrome ore locked up in the boundary between their mines located in Sukinda of Jajpur district, Odisha.

This would help conservation of chromite ore which otherwise would have been left unmined forever.

Both the companies would now initiate steps to get necessary statutory approvals from concerned authorities before jointly starting mining operations.

M C Thomas, managing director, Tata Steel Mining, said, "I am very happy to commence this project today with JSL who has been a valued customer and partner. We are committed to sustainable mining and such a joint initiative will set examples for organizations especially in the mining industry to collaborate in the larger interest of mineral conservation and sustainability. These will redefine the way mining is done through technology, mineral conservation and safety".

Abhyuday Jindal, managing director, JSL, said, "This is a very unique collaboration where JSL & TSML will derive maximum value from a joint mining effort. This effort will enhance the availability of ore in the region without any adverse environmental impact, as it's an already explored area. The move will also benefit local economy. As responsible institutions, we are committed to sustainable mining activity in the region."

JSL is the largest manufacturer of stainless steel in India with a capacity of 1.1 MTPA. The unit of Jindal Stainless is located in Odisha. The plant comprises ferro-alloy facilities with world-class technology and equipment. The manufacturing complex, equipped with a captive power generation facility, is eventually scalable up to 3.2 MTPA of stainless steel production.

The company reported a consolidated net profit of Rs 289.19 crore in Q4 FY21 as against a net loss of Rs 64.96 crore in Q4 FY20. Net sales during the quarter rose 26.49% YoY to Rs 3913.64 crore.

The JSL scrip shed 0.24% to currently trade at Rs 124.60 on the BSE.

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