Jindal Saw Tuesday said that it has inked a mining lease agreement with the Rajasthan government for iron ore mines in the state.
"The lease is for a period of 30 years," the company said in a regulatory filing.
The total area under the lease is 1556.78 hectares. Based on initial estimates, the mines have over 180 million tonnes of reserves of various category of iron ores.
The company also said that it is setting up a beneficiation plant to produce over 6,000 tonnes of concrete per day and other required infrastructure for treatment of the extracted material.
The ore will be used initially for Jindal Saw's in-house requirements for production of ductile iron pipes and subsequently for value added products in terms of the lease agreement.
"The management of Jindal Saw Ltd believes that such acquisition of mines would result in significant improvement in the overall performance of the company, over a period of time," the company said
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