Shyam Metalics JV partner NREPL gets green signal for Maharashtra iron ore block [Video]

Integrated metal producer Shyam Metalics and Energy Ltd on Tuesday (March 26) said its joint venture company, Natural Resources Energy Private Ltd (NREPL), has received a letter of intent (LoI) from the Industry, Energy, Labour, and Mining Department of the government of Maharashtra.

The LoI pertains to the composite licence for an iron ore block located in Maharashtra. Dorite Tracon Private Ltd, a promoter company of Shyam Metalics and Energy, holds a 49% economic interest in NREPL, according to a stock exchange filing.

The composite licence for Surjagad 1 iron ore is spread across 1,526 hectares in Gadchiroli district

This development follows NREPL’s successful bid in the e-auction process conducted for the mineral block. As the ‘preferred bidder’ under the established auction rules, NREPL submitted a final price offer of 126.35%.

B. Bhushan, Vice Chairman and Managing Director of Shyam Metalics and Energy, said, “It reinforces our shared vision for …