Hot Pursuit
JSW Steel announced that it has received a Letter of Intent (LoI) from Bharat Coking Coal (BCCL) for the appointment as Washery Developer & Operator for Dugda Coal Washery at Bokaro in Jharkhand, for a period of 25 years.
BCCL, a subsidiary of Coal India, issued LoI on 28 March 2025, declaring the company as the 'Successful Bidder'. The company received the LoI on 29 March 2025.
The company will have firm linkage of 2 MTPA of raw coking coal and right over Washery product. BCCL will supply raw coking coal at a premium of 2.35% over its notified price. Further, JSW Energy (Utkal) is the consortium partner, which will consume by products from the Washery, which will be sold to them at market linked prices.
The company intends to establish domestic coking coal security and linkages by acquiring mines under auction and set up or acquire washeries. The company is in the process of commissioning three coking coal mines in India which will provide it coking coal at a lower cost as compared to imported coking coal.
JSW Steel, the flagship business of the diversified JSW Group, is India's leading integrated steel company.
The company reported 70.65% decline in consolidated net profit to Rs 719 crore in Q3 FY25 compared with Rs 2,450 crore in Q3 FY24. Revenue from operations declined 1.32% YoY to Rs 40,793 crore during the quarter.
The scrip rose 0.27% to end at Rs 1,062.95 on Friday, 28 March 2025. The stock market will remain shut today in observance of Eid-ul-Fitr.
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