Indian pig iron and casting product manufacturer Kirloskar Ferrous Industries Limited (KFIL) has placed the winning bid for the Jambunatha iron ore block in the southern state of Karnataka, according to a government notification on Wednesday, July 23.
The notification said that KFIL has been declared the ‘preferred bidder’ at the auction of iron ore mines held on January 27, 2025.
The auction was initiated under the Government of Karnataka’s Notification and Notice Inviting Tender dated October 3, 2024. KFIL had submitted its bid as part of the electronic auction process and emerged as the highest bidder for the mining lease.
The final grant of the mining lease is subject to fulfilling multiple conditions, including making necessary payments, meeting terms outlined in the tender document, and securing all requisite approvals, permissions, and clearances from various government departments and agencies.
The company must also execute relevant agreements and deeds in relation to the mining lease, government officials said.
