Tata Steel Mining and Jindal Stainless sign MoU for a unique partnership for mining of common boundary in Sukinda

Tata Steel Mining Limited (TSML) and Jindal Stainless Limited (JSL) signed a MoU on July 16, 2021 to jointly unearth the Chrome Ore locked up in the boundary between their mines located in Sukinda of Jajpur district, Odisha. This would help conservation of chromite ore which otherwise would have been left unmined forever. This unique partnership sets an example for Sustainable Chrome Ore Mining in an innovative manner. This is a win-win-win partnership for the State of Odisha, TSML and JSL. Both the companies would now initiate steps to get necessary statutory approvals from concerned authorities before jointly starting mining operations.

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

Speaking on the occasion Mr M C Thomas, Managing Director, Tata Steel Mining, said, "I am very happy to commence this project today with JSL who has been a valued customer and partner. We are committed to sustainable mining and such a joint initiative will set examples for organizations especially in the mining industry to collaborate in the larger interest of mineral conservation and sustainability. These will redefine the way mining is done through technology, mineral conservation and safety".

Commenting on the occasion, Mr Abhyuday Jindal, Managing Director, Jindal Stainless Limited, said, "This is a very unique collaboration where JSL & TSML will derive maximum value from a joint mining effort. This effort will enhance the availability of ore in the region without any adverse environmental impact, as it's an already explored area. The move will also benefit local economy. As responsible institutions, we are committed to sustainable mining activity in the region."

Shares of JINDAL STAINLESS LTD. was last trading in BSE at Rs.124.9 as compared to the previous close of Rs. 124.15. The total number of shares traded during the day was 273578 in over 2972 trades.

The stock hit an intraday high of Rs. 126.45 and intraday low of 122.4. The net turnover during the day was Rs. 34243510.

Source : Equity Bulls

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