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Steel pipemaker Jindal SAW said on Tuesday it has executed a mining lease agreement for 30 years with Rajasthan for iron ore mines in the state.
Based on initial estimates, the mines have approximately 180 mn tonnes of reserves of various categories of iron ores, it said in a statement to the Bombay Stock Exchange.
The company is setting up a beneficiation plant to produce approximately 6,000 tonnes of concentrate per day.
"Such acquisition of mines would result in significant improvement in overall performance of the company, over a period of time," it said.
Financial details were not provided in the release.
At 2:16 pm, shares of Jindal SAW were up 2.04% at Rs 192.75 in a flat Mumbai market.
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