Date: 02 January 2020 , 18:29
News ID: 8207
NEWS SERVICE: IRON and STEEL

Misrilall’s Saraubil Chromite Block Finally Goes To TS Alloys

TS Alloys, the fully owned subsidiary of Tata Steel Ltd which had bid the highest value for the Misrilall Chromite mines at Odisha's keenly contested online auctions, has finally acquired possession of the mine with the Odisha government finally clearing the decks after a period of judicial wrangling.
Misrilall’s Saraubil Chromite Block Finally Goes To TS Alloys

The chromite mine is the first lapsing merchant mine to be put to the successful online auction. It is among the 20 odd mines that are headed for expiry by March 31, 2020. TS Alloys had offered the highest premium of 88.5 percent for the Misrilall Mines. It had edged past other competitors such as Jindal Stainless Ltd (JSL), Indian Metals & Ferro Alloys Ltd (IMFA), BC Mohanty and Adani.

However, Misrilall Mine, which has been mining it for the past 65 years, had approached the Orissa High Court against denial of a licence extension to it. The court had asked the state government to consider Misrilall Mine’s plea, as well as allow it to match the highest bid in the auction to be able to retain the mine.

Misrilall Mine’s contention was that as per a 1997 renewal of its mining licence, the mine was considered a captive mine and so the permit should have been extended until 2030, as was the case with Tata Steel’s Joda iron ore mine. Instead, it was extended only until March 2020.

However, the state government has finally declared TS Alloys as the preferred bidder for the Saraubil block, a senior source in Tata Steel has confirmed.

source: SteelMint
Misrilall Saraubil Chromite alloy TATA STEEL Odisha
Top News
Sibanye-Stillwater liable for damages to Appian for .2 billion scrapped mine deals
Sibanye-Stillwater liable for damages to Appian for .2 billion scrapped mine deals
One last month
Mobarakeh Steel Co. record holder in quantitative and qualitative production
Mobarakeh Steel Co. record holder in quantitative and qualitative production
Six last month
"Sustainability and innovation in production and development, excellence in culture", the orientation of Mobarakeh Steel Co. to realize the motto of 2024
Six last month
Gianpietro Benedetti, Chairman of Danieli Group, passes away
Gianpietro Benedetti, Chairman of Danieli Group, passes away
Six last month
The entrepreneur Gianpietro Benedetti has died, he was 81 years old
The entrepreneur Gianpietro Benedetti has died, he was 81 years old
Six last month
The President visited the Sungun Copper Complex
The President visited the Sungun Copper Complex
Two last year
Most Like