Prakash Industries is planning to operate the Sirkaguttu Iron Ore Mine in Odisha by next month. The company is proceeding with other required clearances, and steps are being taken for the same. With this captive sourcing of Iron Ore, the company’s dependence on open market sources will reduce substantially; thereby improving the overall operating and profitability margins of the company.
The company has already received Stage-I approval for diversion of Revenue Forest Land from Ministry of Environment, Forest & Climate Change. Besides, The Odisha Government had executed the mining lease of Sirkaguttu Iron Ore Mine, having Geological Reserves of around 9.9 million tonnes, in favour of the company in January 2017.
Prakash Industries is an integrated steel and power company. Its products include coal mines, iron ore mines, sponge iron, power, steel melting shop and ferro alloys.
