Mundra Aluminium Ltd receives LOI from Odisha Government for mineral block

Mundra Aluminium Limited ("MAL"), is a wholly owned subsidiary of Adani Enterprises Ltd, incorporated with an objective of carrying out the business of mining, refining, smelting, development, production and operations of bauxite, alumina and aluminium.

MAL recently participated in the auction proceedings invited by Government of Odisha. Based on the outcome of the auction proceedings, MAL has been declared as "Preferred Bidder" and subsequently a Letter of Intent ("LOI") dated 1st March 2023 has been issued by Govt. of Odisha in respect of the following mineral block in Odisha.

The Ballada Bauxite Block is located at Nandapur, Koraput District, Odisha and the Total Geological Resources is 22.13 Million Tonnes.

Shares of Adani Enterprises Limited was last trading in BSE at Rs. 1606.70 as compared to the previous close of Rs. 1564.55. The total number of shares traded during the day was 41017916 in over 136811 trades.

The stock hit an intraday high of Rs. 1646.00 and intraday low of 1408.10. The net turnover during the day was Rs. 58192098339.00.

Source : Equity Bulls

Keywords

AdaniEnterprises INE423A01024 MundraAluminium PreferredBidder LoI MineralBlock Odisha BalladaBauxiteBlock