"Sarda Energy & Minerals Ltd Consortium Secures Letter of Acceptance from South Eastern Coalfields Ltd"

In a significant development, South Eastern Coalfields Ltd. (SECL) has granted a Letter of Acceptance (LOA) to a consortium, with Sarda Energy & Minerals Ltd holding a substantial 67% share. The LOA pertains to the Re-opening, Salvaging, Rehabilitation, Development, and Operation of the high-grade Bartunga Hill Coal mine. As part of the arrangement, 18% of the revenue generated will be shared with SECL. The operational activities for the mine are slated to be carried out through a Special Purpose Vehicle (SPV) to be established for this specific purpose.

The forthcoming phase will witness the execution of necessary agreements in accordance with the terms outlined in the LOA. This collaborative effort signifies a strategic move in the coal mining sector, with SECL entrusting the consortium led by Sarda Energy & Minerals Ltd with the responsible task of reviving and efficiently managing the Bartunga Hill Coal mine.

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