Tata Steel on Tuesday said its wholly-owned subsidiary T S Alloys Limited has bagged Saruabil chromite mining block for 50 years.
In a regulatory filing, the steel major said a letter of intent as the successful bidder of Saruabil chromite mining block for grant of mining lease for 50 years has been issued by the Odisha government to its subsidiary.
Chrome is used in the making of ferrochrome which in turn is used to make stainless steel. Tata Steel has ferro alloy plants in Bamnipal and Joda in Odisha.
TS Alloy was the highest bidder for the Saruabil chrome deposit in Odisha, currently held by Misrilall Mine Ltd, out of 12 companies in the fray, with a bid of 88.5 per cent of the sale value of the mineral. Twelve companies were in the fray for the block, according to reports.
This is the first operational mines, lapsing in 2020, to be successfully auctioned by the Odisha government.
Disclaimer: No Business Standard Journalist was involved in creation of this content
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app