"Prakash Industries Boosts Chhattisgarh Coal Mine Project, Sparks Surge in Shares"

In a positive turn of events for Prakash Industries Limited, its shares experienced a five percent boost following a significant update on the progress of the Bhaskarpara Commercial Coal Mine project in Chhattisgarh. The company announced a payment of ₹23.25 crores to the Forest Department, Distt. Surajpur, Chhattisgarh, representing the Net Present Value (NPV) of the diverted forest land.

This payment comes on the heels of a prior transaction on December 26, 2023, wherein Prakash Industries disbursed ₹35.12 crores to the Office of Collector, Janjgir-Champa, Chhattisgarh. The amount was designated for the premium of land, intended for transfer to the Forest Department to facilitate Compensatory Afforestation.

The company has received In-principle Stage-I approval under the Forest (Conservation) Act, 1980, along with Environmental Clearance (EC) for the Bhaskarpara project. Progress in the development of the mine is underway, with the execution of the Mining lease expected to take place in the current quarter. This advancement signals a positive trajectory for Prakash Industries as it continues to navigate the various stages of the Bhaskarpara Commercial Coal Mine project in Chhattisgarh.

HBL