TS Alloys gets Misrilall Mines at Odisha's e-auctions
TS Alloys, the fully owned subsidiary of Tata Steel Ltd, has bagged the Misrilall Chromite mines at Odisha's keenly contested online auctions.
The chromite mine is the first lapsing merchant mine to be put to successful online auction. It is among the 20 odd mines that are headed for expiry by March 31, 2020.
Sources in the know said TS Alloys offered the highest premium of 88.5 percent for the Misrilall Mines. It edged past other competitors such as Jindal Stainless Ltd (JSL), Indian Metals & Ferro Alloys Ltd (IMFA), B C Mohanty, Adani Enterprises and its own parent company Tata Steel. While 12 bidders vied for the chromite block, the contest narrowed to six bidders at the stage of initial price offers.
With operations in the chromite rich Jajpur area, Misrilall has been actively engaged in chromite production ever since its incorporation in January 1969. As per the amended Mines and Minerals- Development & Regulation (MMDR) Act, its lease tenure will end on March 31, 2020 following completion of 50 years of operations.
Formerly Rawmet Ferrous Industries Ltd, TS Alloys runs Ferro Chrome units at Athagarh and Bamanipal in Odisha. The latest mine acquisition is expected to consolidate the company's position and give a fillip to value addition.
TS Alloys produces chromite ore in the form of briquettes, 60 percent of which is used in Ferro Chrome production.
source: SteelMint
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