Based on a few of my discussions with industry people, what I understand is that all of this is very dynamic and differs. What you are saying was correct about a year back or so esp in Orissa. The right to match bid is perhaps available for captive mines. Also in many cases where very high bidding happened, people have not honored and given back the mine.
This is the reason why iron ore mining cos are putting forward capacities…this is the reason why Sandur is investing 2k Cr and will build forward steel capacity to make DI pipe. Once there is a forward integration, these bidding premiums can be absorbed…a merchant miner can’t bid aggressively. I agree with your assessment that mine has become an important resource and hence I have been positive on both Sandur and GPIL.
Regarding the question of growth in sandur other than mining – yes, they are expanding in other segments. Have a look at their presentation, lots of details are available. Based on the current expansion plans, they should be over 5000 Cr turnover co within 5 years and I think in past the management shared their aim towards a billion dollar number.
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