Usha Martin gets permission for coal mining in Jharkhand
Our Corporate Bureau
03 November 2003
Kolkata: Usha Martin Ltd, formerly Usha Beltron Ltd, has received the West Bengal state government's permission for coal mining in Jharkhand. The 30-year lease has the prospect of generating 30 million tonnes of A/B grade coal, albeit for captive consumption.
Says Usha Martin vice-chairman Prashant Jhawar: "Mining from the coal reserves is expected to bear fruit within the next two years. An application for obtaining mining rights for 20 million tonnes of iron ore has also been made to the Jharkhand government. The state government's go-ahead in this regard was also expected."
Jhawar says the total investment in the mining initiative is expected to be around Rs 50-60 crore. "The investment required will be generated through internal accruals."
He says the company's backward integration project involving the setting up of a 1,00,000-tpa sponge iron plant and another for a 10-MW captive power plant based on waste heat recovery are progressing on schedule and will be commissioned in May 2004. The cumulative investment in these two projects has been pegged at Rs 110 crore.