Shyam Metalics JV receives LoI for Iron Ore block in Maharashtra

Shyam Metalics has announced the receipt of the Letter of Intent from the Industry, Energy, Labour, and Mining Department, Government of Maharashtra, in respect of receiving of the Letter of Intent for Composite License for Iron Ore Block in the State of Maharashtra by its Joint Venture Company, namely Natural Resources Energy Private Limited (NREPL), wherein Dorite Tracon Private Limited, a promoter company of Shyam Metalics and Energy Limited, holds 49% of the of the economic interest.

The said Composite Licence for Surjagad 1 Iron Ore Block for Iron Ore in Angudra, Ramunkal Meta, Puske Meta, Negal Meta village, Etapalli Taluka, Gadchiroli District is spread over an area of 1526 hectares.

This significant achievement follows NREPL's successful bid in the e-auction process conducted for the said mineral block. As the 'Preferred Bidder' under the established Auction Rules, NREPL submitted a final price offer of 126.35%, demonstrating its commitment to the project's value.

"This milestone LOI is a testament to the collaborative efforts between Shyam Metalics through its Promoter Company and Sarda Energy & Minerals Ltd." Mr. B Bhushan, VCMD, Shyam Metalics and Energy Limited "It reinforces our shared vision for growth and development within Maharashtra's mining sector. We are committed to responsibly utilizing this opportunity to create value for all stakeholders while adhering to the highest environmental and safety standards."

The LOI is valid for a period of one year from the date of issuance. During this time, NREPL will fulfill all necessary conditions to secure the final composite license from the Government of Maharashtra. This project holds immense potential to contribute to the economic growth of the region, generate employment opportunities, and support the nation's infrastructure development.

Shares of Shyam Metalics and Energy Limited was last trading in BSE at Rs. 599.85 as compared to the previous close of Rs. 598.95. The total number of shares traded during the day was 19404 in over 705 trades.

The stock hit an intraday high of Rs. 610.85 and intraday low of 598.20. The net turnover during the day was Rs. 11678650.00.

Source : Equity Bulls

Keywords

ShyamMetalicsandEnergy JV LoI IronOreBlock Maharashtra