New Delhi, May 17 (PTI) JSW Steel on Wednesday said it has been declared as the preferred bidder for an unexplored iron ore mine in Maharashtra.

The company will take all requisite steps as per the tender document to obtain letter of intent, all statutory clearances to execute the lease deed with mine development and production agreement (MDPA) and start the mining operations, JSW Steel said in a BSE filing.

Also Read | Rajasthan Weather Forecast: MeT Department Warns of Thunderstorm, Lightning and Dust Storm in the State.

"The company has been declared as a preferred bidder vide communication dated May 15, 2023, received from the Directorate of Geology and Mining, Maharashtra on May 16, 2023, for composite licence of an unexplored iron ore mine (Surjagad 4 iron ore block in Gadchiroli district) in Maharashtra, in the auctions held by the state government on May 12, 2023," it said.

The highest final offer price by the company to become a preferred bidder is 131.05 per cent of average monthly prices of iron ore of different grades and quality published by Indian Bureau of Mines in the State of Maharashtra from time to time.

Also Read | 7th Pay Commission Latest News: Tamil Nadu CM MK Stalin Announces 4% DA Hike for Government Employees.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)