By Our Correspondent
BHUBANESWAR/JODA: Days after his elder brother Sajjan Jindal led JSW Steel won two major mines in Odisha, younger brother Naveen Jindal led Jindal Steel and Power Ltd, which has been under the scanner of Supreme Court, was on Tuesday started transportation of minerals from its supplier Sarada Mines Pvt Ltd facing fine of Rs 933 crore.
Media reports said, JSPL in a filing at BSE on Tuesday, stated that it has started transportation of iron ore from its supplier’s mines in Odisha.
Media reports from Mumbai said that “Following the recent order by Supreme Court it has started transportation of already-processed and royalty-paid iron ore from its supplier’s mines in district Keonjhar, Odisha,” JSPL said in a filing to BSE.
A Supreme Court bench has allowed the JSPL to transport high-quality iron ore lying in Thakurani block mines of Sarda Mines Pvt Ltd (SMPL). SMPL, a supplier of a high quality ore to the Naveen Jindal-led JSPL plant, was closed on March 2014, because of lack of environment clearances. Last week, the Supreme Court allowed SMPL to resume its mining operations in Odisha subject to deposit of Rs 933 crore towards environmental compensation by February 29.
This relief to JSPL has come after legal efforts of almost six years, the company said. “This is a great relief to the company in terms of bolstering its working capital and raw material security,” JSPL MD V R Sharma said. The shares of JSPL were trading at Rs 178.95 a piece on BSE in the morning trade, up 2.34 per cent from the previous close.
