Tata Steel on January 7 said its subsidiary T S Alloys Ltd has won licence for a chromite ore mine in Odisha for 50 years.
Chromium from the ores of chromite is used in manufacturing of stainless steel, tool steel, and armor-piercing projectiles, among others.
The government of Odisha had undertaken an auction for the grant of mining lease for the Saruabil chromite mining block, in which the company had participated, Tata Steel said in a regulatory filing.
"We have been informed that the government of Odisha has issued to T S Alloys Limited, a wholly-owned subsidiary of the company, a letter of intent dated January 6, 2020, as the successful bidder for grant of mining lease for 50 years, subject to fulfilment of certain conditions," it said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
