The Sandur Manganese & Iron Ores Ltd updates on amendment to environment clearance

The Board of Directors of The Sandur Manganese & Iron Ores Limited at its meeting held today i.e. Sunday, 10 April 2022, had considered, approved and noted the amendment to Environmental Clearance accorded by Ministry of Environment, Forest and Climate Change ('MOEFC') Government of India for the change in plant configuration and product mix for the Company's plant situated at Hanumanahalli Village, Hosapete Taluk, Vijayanagara District, Karnataka and taking up the projects mentioned therein.

The board approved proposal for entering into Power Purchase Agreement and Share Subscription and Share Holding Agreement ('together referred to as 'Agreements') with Renew Green Energy Solutions Private Limited ('ReNew') for supply of solar and wind power to the Company and its associates, as per the terms and conditions as laid down under the respective Agreements and as may be mutually agreed by both the parties and approved the investment to be made in equity shares in the SPV Company (to be incorporated) and to subscribe to the Memorandum and Articles of Association of the SPV Company through its nominee.

The board approved proposal of incorporation of a wholly owned subsidiary company under the name and style of "Sandur Pellets Private Limited" subject to necessary approvals.

Shares of SANDUR MANGANESE & IRON ORES LTD. was last trading in BSE at Rs. 3769.00 as compared to the previous close of Rs. 3512.40. The total number of shares traded during the day was 29809 in over 2487 trades.

The stock hit an intraday high of Rs. 3800.00 and intraday low of 3535.25. The net turnover during the day was Rs. 109785307.00.

Source : Equity Bulls

Keywords

SANDURMANGANESEandIRONORES INE149K01016 Mining EnvironmentalClearance PPA SandurPellets