Ministry of Coal, Government of India has issued the Vesting Order in Prakash Industries’ favour with respect to the Bhaskarpara Coal Mine in Chhattisgarh. Earlier, the company had participated in the 12th tranche of auction conducted under the Coal Mines (Special Provisions) Act, 2015 for commercial mining and was declared as the ‘Successful Bidder’ for this Bhaskarpara Coal Mine.
The company is taking all effective steps and measures required for timely opening of the mine, which shall come as a great respite in the current scenario which is marked by global coal shortage. The mine shall provide stability to the company's Integrated Steel operations through uninterrupted supplies of coal as well as significant cost reduction. Further, the said mine being a commercial mine shall also boost the revenue and the profitability through sale of coal in the open market.
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.
