JSW Steel on Wednesday said it has been declared as the preferred bidder for the Ajgaon iron ore block in Maharashtra.
Ajgaon iron ore block in Sindhudurg district is at a distance of about 400 km from Dolvi where JSW Steel runs an integrated steel plant having a capacity of 10 million tonnes per annum (MTPA).
"The company has been declared as a preferred bidder vide communication received from the Directorate of Geology and Mining, Maharashtra, for Composite Licence of Ajgaon iron ore block in the auctions held by the government of Maharashtra on March 30, 2022," JSW Steel said in a regulatory filing.
The highest final offer price by the company to become a preferred bidder is 25 per cent of the average monthly prices of iron ore of different grades and quality, it said without divulging any further information related to the mine.
JSW Steel further said it will take requisite steps to obtain Letter of Intent (LoI), statutory clearances to execute the lease deed with mine development and production agreement (MDPA) to start operations at the said block.
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