Kirloskar Ferrous Industries Limited updated the exchanges on the September 5, 2018 announcement where that the company has been declared as ‘Preferred Bidder’ in respect of e-auction of Bharath Mines & Minerals based on the highest Final Price Offer submitted by the company.
After fulfilment of terms and conditions of the Tender Document and obtaining necessary approvals from various Government Departments, the company has entered into the Mining Lease Deed with the Government of Karnataka, Department of Mines and Geology for the aforesaid mine to conduct mining operations for a period of 50 years.
Operations of the mine have commenced from March 24, 2021 and will continue till 5 April 2021 in accordance with the validity of the Forest Clearance approval received from the Government of Karnataka, company said in a regulatory filing on Wednesday.
It further said that the company is in process to obtain necessary approvals for renewal of validity of the Forest Clearance beyond April 5, 2021 and the update will be given upon receipt of the renewal of Forest Clearance.
At around 11.21 am, Kirloskar Ferrous Industries Ltd was trading at Rs1159.20 per piece down Rs0.10 or 0.06% on the BSE.