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16 January 2016
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The State Government of Odisha has executed and registered a mining lease of Iron & Manganese Ore in favour of Prakash Industries Ltd in Keonjhar district of the state, for a period of 50 years.
As per the mining plan, the geological reserve is around 9.9 million tonnes. The mine is expected to be developed in the next 6 months and thereafter iron ore production from the mine would be utilized for captive purpose.
With this captive sourcing, the operating margin and profitability of the company would improve significantly.
Source- Equity Bulls
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