Tata Steel arm gets licence for chromite ore mine in Odisha

Tata Steel's subsidiary T S Alloys Ltd has won a licence for a chromite ore mine in Odisha for 50 years.

The Odisha state government had undertaken an auction process for the grant of mining lease for the Saruabil chromite mining block.

"We have been informed that the Odisha state government has issued to T S Alloys Limited, a wholly-owned subsidiary of the company, a letter of intent as the successful bidder for grant of mining lease for 50 years, subject to fulfilment of certain conditions," Tata Steel said in a statement.

"This has reference to our letter dated October 24, 2019 clarifying the participation of the company and its subsidiary company in the e-auction process held by the state government of Odisha for the chromite mine currently held by Misrilall Mines Pvt Ltd," the company said.

Chromium from the ores of chromite is used in the manufacturing of stainless steel, tool steel and armour-piercing projectiles.

Tata Steel Group is among the top global steel compes with an annual crude steel capacity of 33 million tonnes per annum.

The group (excluding southeast Asia operations) recorded a consolidated turnover of 22.67 billion dollars in the financial year ending March 31, 2019. In 2018, it acquired Bhushan Steel Ltd which has been renamed as Tata Steel BSL Ltd.

( With inputs from ANI )