Essar Steel successfull bidder in 1st E-auction of ore block

Essar Steel India Ltd has bagged the Ghorhaburhani- Sagasahi iron ore block in Sundargarh district as it submitted the highest final price offer of 44.35 percent to become the preferred bidder, Mines Director Deepak Mohanty said.
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Mar 05, 2016, 06.14 PM | Source: PTI

Essar Steel successfull bidder in 1st E-auction of ore block

Essar Steel India Ltd has bagged the Ghorhaburhani- Sagasahi iron ore block in Sundargarh district as it submitted the highest final price offer of 44.35 percent to become the preferred bidder, Mines Director Deepak Mohanty said.

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Essar Steel successfull bidder in 1st E-auction of ore block

Essar Steel India Ltd has bagged the Ghorhaburhani- Sagasahi iron ore block in Sundargarh district as it submitted the highest final price offer of 44.35 percent to become the preferred bidder, Mines Director Deepak Mohanty said.

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Essar Steel successfull bidder in 1st E-auction of ore block
Essar Steel has emerged as the successful bidder in the first e-auction of iron ore block in Odisha, officials said.

Essar Steel India Ltd has bagged the Ghorhaburhani- Sagasahi iron ore block in Sundargarh district as it submitted the highest final price offer of 44.35 percent to become the preferred bidder, Mines Director Deepak Mohanty said. Mohanty said as per the price offer the company would have to give 44.35 per cent of its sale proceeds in addition to the royalty.

Apart from Essar Steel, companies like Tata Steel , JSPL , JSW Steel , Bhushan Steel Ltd, Bhushan Power & Steel Ltd and Rashtriya Ispat Nigam Ltd (RINL) had submitted technical bids for the purpose. The state Government had notified for e-auction of Ghorhaburhani-Sagasahi iron ore block in December last year and seven parties which had submitted technical bids had qualified, said the Mines Director. He said e-auction was conducted on March 2.

Mohanty said letter of intent would be issued to the successful bidder on payment of first installment of the upfront payment. Located in Koira sector in Sundargarh district, the iron ore block is endowed with an estimated reserves of more than 99 million tonnes (MT) and is at G2 exploration stage, official sources said adding it was reserved for an integrated steel plant as end use. The mineral concession area of the block is spread over 139.16 hectares including 20.88 ha forest land, 110.69 ha of government land and the rest 7.58 ha private land, they added.

Tata Steel stock price

On May 31, 2016, Tata Steel closed at Rs 334.45, up Rs 11.35, or 3.51 percent. The 52-week high of the share was Rs 364.15 and the 52-week low was Rs 200.00.


The company's trailing 12-month (TTM) EPS was at Rs 50.46 per share as per the quarter ended March 2016. The stock's price-to-earnings (P/E) ratio was 6.63. The latest book value of the company is Rs 736.86 per share. At current value, the price-to-book value of the company is 0.45.

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Essar Steel successfull bidder in 1st E-auction of ore block

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