Godawari Power and Ispat said that Government of India, Ministry of Environment & Forests & Climate Change, Impact Assessment Division has accorded its environment clearance for enhancement of iron ore production capacity.
Godawari Power and Ispat has received clearance for enhancement of Iron Ore Production from 1.405 MTPA to 2.35 MTPA for Iron Ore Mining in Ari Dongri, Village Kachche, Dist: Baster, Kanker, Chhattisgarh and for setting up of Beneficiation Plant of 0.6 MTP A capacity.
We expect the production of the enhanced iron ore mining capacity shall be started in next 2- 3 months, Godawari Power and Ispat said. Post commencement of commercial operation of enhanced mining capacity and ramping up of the production, the 100% iron ore requirement of the company, shall be met from captive mines, which lead to substantial cost saving, as approx. 20% of our exiting requirement in met from outside purchases, cost of which is very high and as compared to market prices, the company said.
The announcement was made after market hours yesterday, 23 June 2021. Shares of Godawari Power and Ispat fell 1.75% to settle at Rs 1326.80 yesterday.
Godawari Power & Ispat is an end-to-end manufacturer of mild steel wires. In the process, the company manufactures sponge iron, billets, ferro alloys, captive power, wires rods (through subsidiary company), steel wires, oxygen gas, fly ash brick and iron ore pellets.
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