Tata Steel subsidiary bags first lapsing merchant mine at Odisha's auctions

TS Alloys bags Misrilal chromite mines, quoting 88.5 per cent premium

TS Alloys Ltd, the wholly owned subsidiary of Tata Steel, has been declared the preferred bidder for the chromite lease now held by Misrilall Mines. The mine is among the scores of merchant mines whose lease validity ends by March 31, 2020.

A source tracking the online auctions said, TS Alloys outbid many strong contenders, quoting a premium of 88.5 per cent over and above the reserve price. As many as 12 bidders were in the fray for acquiring the chromite deposit with one of them facing disqualification. Besides TS Alloys, Tata Steel, Jindal Stainless Ltd (JSL) and Indian Metals & Ferro Alloys Ltd were among the key contenders. The chromite lease held by Misrilall Mines is the first lapsing mine to have been successfully auctioned in Odisha.

Simultaneously, the bidding for another lapsable merchant chromite mine- B C Mohanty was ongoing at the time this report was filed.

Incorporated in January 1969, Misrilall Mines in Jajpur district is amongst the oldest operative chromite mines in Odisha.