JSW Steel, the flagship business of 14 billion dollar JSW Group, said on Monday it has been declared as a preferred bidder for an iron ore mine in Odisha.
The projected iron ore resource in this mine as per tender documents is 39.4 million tonnes.
JSW Steel said it has got a communication from the Director of Mines for the Jajang iron ore block of Keonjhar district. The auctions were held by the state government on February 6.
The highest final offer price by the company to become a preferred bidder is 110 per cent of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in Odisha from time to time.
"The company will take all requisite steps as per the tender document to obtain a letter of intent, all statutory clearances, execute mine development and production agreement (MDPA) and start the mining operations," it said in a statement.
JSW Steel is one of the largest producers of steel products in India with an installed steelmaking capacity of 18 million tonnes per annum.
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