Tata Steel Mining inks pact with Jindal Stainless for mining in Odisha

20 Jul 2021 CW Team

Tata Steel Mining Limited (TSML) and Jindal Stainless Limited (JSL) signed an MoU for chrome ore mining, locked up in the boundary between their mines located at Sukinda in Jajpur district of Odisha.

It would support the conservation of chromite ore which otherwise would have been left unmined permanently.

On Monday, in a filing, the company said that this unique partnership sets an example for Sustainable Chrome Ore Mining in an innovative way. It is a win-win-win partnership for the State of Odisha, JSL and TSML. Both the firms would now take steps to get required statutory permissions from concerned officials before jointly commencing mining operations.

The MoU was signed at Bhubaneswar by Shashibhushan Upadhyay, Vice President (Projects), Jindal Stainless Limited and M C Thomas, Managing Director, Tata Steel Mining Limited. Ratan Jindal, Chairman of Jindal Stainless Limited, Abhyuday Jindal of Managing Director, Jindal Stainless Limited and other senior authorities from both the firms had joined virtually for this special event.

JSL is the largest producer of stainless steel in India, having a capacity of 1.1 mtpa. The unit of Jindal Stainless is located in Odisha. The plant includes ferroalloy facilities with world-class technology and tools. The manufacturing complex, provided with a captive power production facility, is ultimately scalable up to 3.2 mtpa of stainless steel production.

The company recorded a consolidated net profit of Rs 289.19 crore in Q4 FY21 compared to a net loss of Rs 64.96 crore in Q4 FY20. Net sales during the quarter increased 26.49% YoY to Rs 3913.64 crore.

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Also read: Tata Steel sets up 2 mtpa coal plant under Jharia division

Also read: Odisha govt invites tender for 11 more mining blocks

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