KIOCL Limited has announced approval in respect of Phase-I of Devadari Iron Ore Mine.

A regulatory filing said,"Pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is hereby informed that, Approval of Hon’ble Finance Minister and Hon’ble Steel Minister on the proposal appraised by Public Investment Board in respect of Phase-I of Devadari Iron Ore Mine (DIOM) Project (ML No20/2023) of KIOCL Limited, at Bellary District, Karnataka, with an estimated cost of  Rs.882.46 crore including ex-post facto approval of pre-operative expenditure of
Rs. 529.19 crore, has been granted. Cost of Phase-I of the project is to be met through reserves of KIOCL Ltd and remainder through debt, with a debt-to-equity ratio of 30:70."

KIOCL Limited, formerly Kudremukh Iron Ore Company Limited, is a central public sector undertaking under the ownership of the Ministry of Steel, Government of India, with its head office and administrative activities in Bangalore.

It has a pelletisation plant in Mangalore and an iron ore mine in Kudremukh.