JSPL bags Guali Iron Ore mines at 144% premium

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Bhubaneswar: Naveen Jindal controlled Jindal Steel & Power (JSPL) has won the Guali Iron Ore mines in Odisha after committing to pay 144% premium.The company bagged the mining block in the auction held on Wednesday outbidding 13 companies including JSW, Adani Group, KJS Ahluwalia and RP Sao.

The shares of JSPL (BSE : JINDALSTEL | 532286 | INE749A01030) are trading at 97.60, a drop of 3.75% on the BSE. Similarly,  it is trading at 97.80, a drop of 3.41% at the NSE.

Spread over 365 hectares in the Keonjhar district of Odisha, Guali mines has an estimated reserve of 198 million tonnes.

In the phase-11 of mining block auction, the Odisha government has kept 2 mining blocks Guali Iron Ore mines and Sukinda Chrome Ore mines.

On Tuesday, the state government had conducted the auction of Sukinda Crome mines. Tata Steel subsidiary TS Alloys has bagged the block after committing to pay 93.7% premium.

Odisha government had auctioned as many as 19 mineral blocks in February. JSW, another OP Jindal Group company has secured as many as four Iron Ore blocks at hefty premiums.

 

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