Ambuja Cements, part of Adani Cement, has been declared as the ‘preferred bidder’ for the Uskalvagu limestone block in an e-auction conducted by the government of Odisha, the company said in a BSE filing.
The block is situated in Malkangiri district over an area of ~547 hectare with estimated limestone resource of ~141 million tonnes having average Calcium oxide (CaO) content of 43.74 per cent.
The company will get the statutory licenses and permits related to mining operations to be declared a ‘successful bidder’ and subsequently enter into a ‘mine development and production agreement (MDPA)’ with Government of Odisha to commence the mining operation.
Ambuja Cements with its subsidiary ACC has a capacity of 67.5 million tonnes with fourteen integrated cement manufacturing plants and sixteen cement grinding units across the country, the company said.
The company had reported a growth of 13.21 per cent in its consolidated net profit during the quarter ended December 31, 2022. Its profit after tax (PAT) stood at Rs 487.88 crore in Q3 FY23 as against Rs 430.97 crore it registered in the corresponding quarter of the previous fiscal. It’s consolidated total income stood at Rs 8,036.46 crore in Q3 FY23, a growth of 4.24 per cent from Rs 7,709.61 crore it recorded in the similar quarter last year.