JSW Steel bags second iron ore mines in Odisha in three days

BHUBANESWAR: Sajjan Jindal-led JSW Steel bagged the Narayanposi iron ore and manganese block, the second block in past three days as part of the ongoing auction process in the state. The company had emerged as the preferred bidder for Nuagaon iron ore block on January 31.
JSW Steel won the Narayanposi block at 98.5 per cent, bidding for which was finalized at 1:48 am on Sunday morning, official sources in the steel and mines department. Companies like JSPL, ArcelorMittal, KJS Ahluwalia and Rungta Mines were among others, who were in the race for the block.
“By bagging the block with a bid of 98.5 per cent, the company commits to pay Rs 98.05 on sale of ore of every Rs 100 apart from contribution to the district mineral foundation (DMF) fund and other taxes. The base price for the block was fixed at 72 per cent, said official sources in the steel and mines and department,” said an official.