India’s Jindal Steel and Power Limited (JSPL) has secured the Kasia iron ore mine in Odisha state through competitive bidding at an auction held by the state government, a government official said on Monday, September 20.
JSPL emerged the highest bidder in the auction, securing the Kasia mine, beating the competition from 13 other bids, the official said.
The Kasia mine spread across 194 hectares is a developed reserve and was earlier operated by Essel Mining of the Aditya Birla group and, as it has been an operational mine, JSPL will not need to seek fresh mandatory approvals for starting production.
As per the terms of its winning bid, JSPL will need to pay the Odisha government INR 118 for every sale or transaction of INR 100 from the produce of the mine, the official said.
The captive iron ore mine will ensure raw material security for JSPL’s 6 million mt per year steel mill at Angul in Odisha.