Tata Steel recently said its wholly-owned subsidiary T S Alloys Limited has bagged Saruabil chromite mining block for 50 years.
In a regulatory filing, the steel major said a letter of intent as the successful bidder of Saruabil chromite mining block for grant of mining lease for 50 years has been issued by the Odisha government to its subsidiary.
Chrome is used in the making of ferrochrome which in turn is used to make stainless steel. Tata Steel has ferro alloy plants in Bamnipal and Joda in Odisha.
TS Alloy was the highest bidder for the Saruabil chrome deposit in Odisha, currently held by Misrilall Mine Ltd, out of 12 companies in the fray, with a bid of 88.5 per cent of the sale value of the mineral. Twelve companies were in the fray for the block, according to reports.
This is the first operational mines, lapsing in 2020, to be successfully auctioned by the Odisha government.
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