Prakash Industries announced that the Odisha Government had executed the mining lease of Sirkagutta Iron Ore Mine, having Geological Reserves of around 9.9 million tonnes, in favour of the company in January 2017.
The company has already received Stage-I approval for diversion of Revenue Forest Land from Ministry of Environment, Forest & Climate Change. The company is now proceeding with other required clearances, and step are being taken to operate the mine by next month.
With this captive sourcing of Iron Ore, the company's dependence on open market will reduce substantially, thereby improving the overall operating and profitability margins of the company.
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