Jindal Steel and Power bags Kasia mine at 118% premium

“The mine isn’t cheap but is commercially viable and value-accretive as this is the best iron ore mine in Odisha with high Fe and low alumina ore,” said Kapil Mantri, executive vice president and head-strategy, JSPL. “The mine has huge strategic i...

By Bhavya Dilipkumar, ET Bureau | Updated: Sep 20, 2021, 07.05 AM IST

Mumbai: Naveen Jindal-led Jindal Steel and Power has won the Kasia mine in the Keonjhar district of Odisha at a 118% premium to the sale value of the ore, boosting its access to quality iron ore and de-risk raw material supplies.

The site has a total mining area of about 194 hectares.

“The mine isn’t cheap but is commercially viable and value-accretive as this is the best iron ore mine in Odisha with high Fe and low alumina ore,” said Kapil Mantri, executive vice president and head-strategy, JSPL. “The mine has huge strategic importance for JSPL since after this we are over 50% secured for procurement of iron ore.”

The Odisha government in July issued a notice inviting tenders for e-auction of 11 mineral blocks for bauxite, iron ore and dolomite mining.

Jindal Steel and Power Ltd, Adani Group, JSW, Tata Steel, ArcelorMittal, Essel Mining and Industries Ltd, Rungta Mines Ltd, MSPL, Vedanta and NMDC participated in the auction.

Start a SIP with as low as ₹500 with ET Money App!