Moneycontrol
HomeNewsBusinessCompaniesJSW Steel receives Rs 702-crore demand notices over ore grade at Odisha mines
Trending Topics

JSW Steel receives Rs 702-crore demand notices over ore grade at Odisha mines

The demand pertains to allegations over a drop in the grade of iron ore at the Joda and Koira mines during FY22 and the current FY23, compared to the submitted mining plan

January 31, 2023 / 11:04 IST
Story continues below Advertisement
(Representative image)

JSW Steel has received two demand notices of Rs 702 crore for its Odisha mines related to alleged loss of royalty, mining premium, and other levies, according to the company’s financial results for the quarter ended December 2022. The company has legally contested the demand.

In its note, JSW Steel said the company received showcause notices from the respective deputy directors of mines for Joda and Koira during the quarter under review. The showcause notices, the company said in its note, were followed by Rs 702 crore demand notices.

Story continues below Advertisement

The demand pertains to allegations over a drop in the grade of iron ore mined during FY22 and the current FY23, compared to the submitted mining plan.

What the company says