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Letters of Intent for mines won't add to asset value for Essar & Bhushan

Mining leases can be transferred, in case of change of ownership of the company, but LoIs can't

Dillip Satapathy  |  Bhubaneswar 

The iron ore blocks bagged in auctions by Essar Steel, Bhushan Steel, and Bhushan Power & Steel — all now facing insolvency proceedings — are unlikely to augment their asset values.

These companies had successfully bid for three iron ore blocks located in Odisha over the past one year, following which, they had been issued Letters of Intent (LoIs) for allotment of mining lease by the state government. As the LoIs have not been converted into mining leases yet, these cannot be shown in the asset list of the companies, an official of the state mining department ...

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First Published: Fri, August 25 2017. 00:59 IST
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