Shyam Metalics and partners secure key iron ore block in Maharashtra
Shyam Metalics, a leading name in the Indian metals industry, has announced a significant milestone achieved by its Joint Venture Company, Natural Resources Energy Private Limited (NREPL). In a notable development, NREPL received the Letter of Intent (LOI) from the Industry, Energy, Labour, and Mining Department, Government of Maharashtra, for a Composite License for the Surjagad 1 Iron Ore Block in Maharashtra. This strategic acquisition, wherein Dorite Tracon Private Limited—a promoter company of Shyam Metalics and Energy Limited—holds 49% of the economic interest, marks a significant leap forward for Shyam Metalics and its associates in the mining sector.
The Surjagad 1 Iron Ore Block, sprawling over an area of 1526 hectares in Angudra, Ramunkal Meta, Puske Meta, Negal Meta village, Etapalli Taluka, Gadchiroli District, is the focal point of this achievement. NREPL emerged as the ‘Preferred Bidder’ in the e-auction process, submitting a final price offer of 126.35%. This aggressive bid highlights the consortium’s commitment to leveraging the block’s potential to its fullest.
Mr. B Bhushan, Vice Chairman and Managing Director of Shyam Metalics and Energy Limited, lauded the LOI as a testament to the effective collaboration between Shyam Metalics through its Promoter Company and Sarda Energy & Minerals Ltd. “This milestone LOI is a testament to the collaborative efforts between Shyam Metalics through its Promoter Company and Sarda Energy & Minerals Ltd,” he stated. The venture not only underscores the companies’ shared vision for growth and development within Maharashtra’s mining sector but also their dedication to environmental and safety standards.
The LOI, valid for one year from its issuance date, sets the stage for NREPL to fulfill all prerequisites for the final composite license. The project is poised to significantly contribute to the region’s economic development, generate employment, and bolster the nation’s infrastructure projects.
The acquisition of the Surjagad 1 Iron Ore Block by Shyam Metalics and its partners signifies a critical advancement in Maharashtra’s mining industry, offering substantial economic and infrastructural benefits. With its vast area and strategic importance, this project is expected to become a cornerstone for mining operations in the region, setting new benchmarks for responsible mining practices.