Tata Steel Mining inks pact with Jindal Stainless for mining in Odisha
20 Jul 2021
2 Min Read
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.
Also read: Tata Steel sets up 2 mtpa coal plant under Jharia division
Also read: Odisha govt invites tender for 11 more mining blocks
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.
Image Source
Also read: Tata Steel sets up 2 mtpa coal plant under Jharia division
Also read: Odisha govt invites tender for 11 more mining blocks
Next Story
MoHUA Plans New Role for Smart City SPVs
In a significant policy move, the Ministry of Housing and Urban Affairs (MoHUA) has issued an advisory encouraging the continued use and repurposing of Special Purpose Vehicles (SPVs) formed under the Smart Cities Mission (SCM). This marks a step toward sustaining urban transformation by leveraging institutional capabilities and infrastructure developed over the past decade.Initiated in 2015, the Smart Cities Mission introduced a new era of urban planning in India, with each of the 100 selected cities forming SPVs under the Companies Act, 2013. These entities, jointly owned by state government..
Next Story
ADB Approves $110 Million Loan to Boost Skills in Gujarat
The Asian Development Bank (ADB) has approved a USD 109.97 million (Rs 9.27 billion) results-based loan to support Gujarat鈥檚 efforts to become a global industrial hub by developing a future-ready, skilled workforce.The funding will back the Gujarat skills development programme, led by the Department of Labour, Skill Development and Employment in collaboration with Kaushalya: The Skill University (KSU). The initiative aims to equip the workforce with advanced, industry-aligned skills to meet rising employment demand in high-growth sectors.According to ADB, the programme seeks to strengthen in..
Next Story
SDAL Tests Rudrastra UAV and Bhargavastra Defence System
Solar Defence and Aerospace Limited (SDAL) has successfully completed a key flight test of its indigenous Hybrid VTOL UAV Rudrastra at the Pokharan Firing Range, aligning with Indian Army performance benchmarks for mission adaptability, high endurance, precision engagement, and vertical take-off and landing (VTOL) capability.The trial marks a notable achievement in India鈥檚 Aatmanirbhar Bharat initiative, underscoring advancements in home-grown military technology. The Rudrastra UAV demonstrated a mission radius exceeding 50 km with uninterrupted video relay, a total operational range of over..
