Tata Steel arm TS Alloys gets licence for chromite ore mine in Odisha

Tata Steel on Tuesday post-market hours said that it's subsidiary T S Alloys Ltd has won a licence for a chromite ore mine in Odisha for 50 years. The Government of Odisha had undertaken an auction process for the grant of mining lease for the Saruabil Chromite mining block.

“We have been informed that the Government of Odisha has issued to T S Alloys Limited, a wholly-owned subsidiary of the Company, a Letter of Intent dated January 6, 2020, as the Successful Bidder for grant of mining lease for 50 years, subject to fulfilment of certain conditions,” Tata Steel in the filing.

“This has reference to our letter dated October 24, 2019, clarifying the participation of the Company and its subsidiary company in the e-auction process held by the Government of Odisha, for the chromite mine, currently held by M/s Misrilall Mines Private Limited,” the company said.

Stock view:
Tata Steel Ltd ended at Rs475.65, up by Rs2.45 or 0.52% from its previous closing of Rs473.20 on the BSE.

The scrip opened at Rs477.40 and touched a high and low of Rs484.60 and Rs473.60 respectively. 

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