Tata Steel Subsidiary Bags BC Mohanty’s Kamarda Chrome Mine
According to sources, TS Alloys, a wholly-owned subsidiary of Tata Steel, emerged as the highest bidder for the Kamarda chrome ore deposits in Odisha, which was held by BC Mohanty and Sons, with a bid of 96.8% on Wednesday night soon after it bagged Misrilall Mine’s Saruabil deposits with a bid of 88.5% premium.
Leases for both the mines end on March 31, 2020. Twelve companies were in the fray with six making it to the second stage of the auction for Misrlall, including Jindal Stainless believed to be the second-highest bidder.
The aggressive bidding for chrome deposits was but expected as the Saruabil mine is considered a prized asset for its superior geological properties. TS Alloys is essentially committing to pay more than what it would earn from selling chrome in the market once it has paid a royalty of 15%.
Formerly Rawmet Ferrous Industries Ltd, TS Alloys runs Ferro Chrome units at Athagarh and Bamanipal in Odisha. It also operates Tata Steel’s ferrochrome plant in Gopalpur. The latest mines acquisitions are expected to consolidate the company’s position and give a fillip to value addition.
source: SteelMint
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