Shyam Metalics and Energy's joint venture (JV); Natural Resources Energy obtained a letter of intent for the grant of a composite licence for the Surjagad-1 iron ore block on an area of 1,526 hectares in Maharashtra.

Natural Resources Energy (NREPL), wherein Dorite Tracon, a promoter company of Shyam Metalics and Energy, holds 49% of the economic interest, it added.

The said composite licence for Surjagad 1 iron ore block for iron ore in Angudra, Ramunkal Meta, Puske Meta, Negal Meta village, Etapalli Taluka, Gadchiroli district is spread over an area of 1,526 hectares.

This significant achievement follows NREPL's successful bid in the e-auction process conducted for the said mineral block. As the preferred bidder under the established auction rules, NREPL submitted a final price offer of 126.35%, demonstrating its commitment to the project's value, said the firm.