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KIOCL gets environmental clearance for Devadari mine

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KIOCL on Wednesday announced that it has been granted environmental clearance from the Ministry of Environment, Forest and Climate Change (MOEF&CC) for Devadari Iron Ore Mine.

The Government of India vide its letter dated 13 August, 2021 intimated that MOEF&CC has granted the proposal for environmental clearance of Devadari Iron Ore Mine with a mine capacity of 2 MTPA iron ore (ROM) and 500 TPA manganese ore with 2 MTPA wet beneficiation plant for 401.5761 ha out of 485.7725 ha project area located in Devadari Hill Range.

KIOCL, a flagship company under the Ministry of Steel, Government of India, was formed on 2 April 1976 for mining and beneficiation of low grade iron ore at Kudremukh in Karnataka. As of 30 June 2021, the Government held 99.03% stake in the company.

The company's net profit stood sharply higher at Rs 215.92 crore in Q1 FY22 as compared to Rs 12 crore posted in Q1 FY21. Net sales soared 139% to Rs 1,041.40 crore in Q1 FY22 over Q1 FY21.

Shares of KIOCL fell 2.64% at Rs 264.05 on Wednesday (18 August). The domestic equity market is shut today, 19 August 2021, on account of Muharram.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Thu, August 19 2021. 10:29 IST