Gallantt Ispat Ltd declared preferred bidder for Composite License Iron Ore Block in Rajasthan

Gallantt Ispat Ltd has been declared as a Successful "Preferred Bidder" vide communication Letter bearing reference no. DMG/GoeUBid(M)/53 Limestone Blocks/2023-24 dated June 10,2024 received from the Director of Mines & Geology, Government of Rajasthan on June 15,2024, for Composite Licence for Todupura lron Ore Block District Karauli. The e-Auctions of the block was held and conducted by the State Government of Rajasthan, on May 02, 2024 on MSTCT e-auction portal.

As per the Terms of Tender Documents the Qualified Bidder who submits the highest Final Price Offer shall be declared as the Successful "Preferred Bidder" immediately on conclusion of the e-auction. We are pleased to inform you that the Company has submitted and offered the Highest Final Price Offer of 175.05% to become a Successful "Preferred Bidder".

The Company will take all requisite steps as per the Tender Document to obtain Letter of lntent, all statutory clearances to execute the Lease Deed with Mine Development and Production Agreement (MDPA) and start the mining operations.

This is to further inform you that as per topographical studies, the geological data and the structure indicate that the lron Ore investigated area is 260.71 hectare and the total deposit of lron Ore is 85.42 million Ton.

The above lron Ore Mines has been allotted for Gujarat Steel Unit of the Company. lnhouse mining of lron ore, being the basic raw material of the Company, shall ensure operational flexibility, easy availability and no dependency on international as well as domestic suppliers of lron Ore for a period of 20-25 years (approximately). Owning and efficiently operating through captive lron Ore mining, significant cost saving can be realised and sustained which, in turn, would surge the operating as well as net profit of the Company considerably.

Source : Equity Bulls

Keywords

GallanttIspat PreferredBidder TodupuraIronOreBlock Karauli Rajasthan