Jindal Steel & Power Declared Successful Bidder for Saradhapur Jalatap East Coal Block

Jindal Steel & Power (JSP), India's leading steel company, has signed the agreement for the Saradhapur Jalatap East coal block. This acquisition stems from JSP's successful participation in Round - 11 of Commercial coal block auction recently conducted by the Ministry of Coal.

This is a partially explored block with estimated geological resources at 3,257 million tonnes. The mine is located close to the Angul steel plant in proximity to Utkal C, Utkal B1 and Utkal B2 mines. The mine is located at around 11 km arial distance from the Angul steel plant.

JSP's successful acquisition of the Saradhapur Jalatap East coal block marks a significant step in the company's strategic vision. This move towards backward integration ensures a consistent and reliable supply of raw materials essential for steelmaking, thereby mitigating risks associated with supply chain disruptions and price volatility. By securing long-term fuel supply and energy security, JSP is strategically positioning itself for sustainable growth and enhanced operational efficiency, aligning itself with its long-standing commitment to support the "Aatmanirbhar Bharat" initiative of the Government.

Shares of Jindal Steel & Power Limited was last trading in BSE at Rs. 915.45 as compared to the previous close of Rs. 899.05. The total number of shares traded during the day was 20717 in over 1705 trades.

The stock hit an intraday high of Rs. 918.90 and intraday low of 893.85. The net turnover during the day was Rs. 18739714.00.

Source : Equity Bulls

Keywords

JindalSteelandPower INE749A01030 JSPL Agreement CoalBlock