Overview

• The Government of Odisha issued a letter of intent on July 4 granting Jindal Steel a 50-year mining lease for 104.84 hectares of the Roida-I block in Keonjhar district.
• Geological surveys estimate the block contains 126.05 million tonnes of iron ore and manganese with an environmental clearance capacity of three million tonnes per annum.
• The lease follows Jindal Steel’s selection as preferred bidder in the June 6 e-auction under the MMDR Act and Mineral (Auction) Rules.
• Pankaj Malhan, executive director of Jindal Steel’s Angul plant, said the lease is vital for operational stability, cost efficiency and self-reliant steel production.
• Jindal Steel’s share price rose 0.3 percent to ₹962.35 in early trading on July 4 after the announcement.