Vedanta shares rise as Anil Agarwal firm emerges as preferred bidder for Chhattisgarh minerals block

Shares of Vedanta gained 1 per cent in Friday's trade after the Anil Agarwal-led company said it has been declared as the preferred bidder for mineral blocks in Chhattisgarh. In a filing to BSE, the company said the grant of composite license by the Chhattisgarh government is in respect of nickel, chromium and associated platinum group elements (PGE) block in the state.

The stock rose 0.95 per cent to hit a high of Rs 317.90 on BSE. With this, the scrip has turned flat year-to-date. The stock has fallen 14 per cent in the last one month.

"As per the notice dated February 03, 2023 (formally received in the office on February 14, 2023) issued by the Mineral Resource Department, Chhattisgarh, the Company has been declared as the 'Preferred Bidder' in respect of e‐auction of Kelwardabri Ni, Cr and Associated PGE Block based on highest Final Price Offer of 4.15% submitted by the company," the company said.

The aforesaid block, it said, would be subjected to making of necessary payments, completion of other terms and conditions of the tender document, obtaining of necessary approvals, permissions and clearances from various government departments and agencies. It would also depend on execution of necessary agreements amd deeds in the matter, Vedanta told BSE.

The Chhattisgarh government had earlier on October 11, 2022, invited tenders to participate in electronic auction for grant of composite license in respect of the minerals block. Vedanta was among bidders in electronic auction for grant of Composite License. Vedanta said it has been declared as the preferred bidder in respect of e‐auction of Kelwardabri block based on highest final price offer of 4.15 per cent submitted by the company.

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