JSW Steel’s bid, which included the highest final offer price at 92.60% of the value of mineral dispatched, was selected over other contenders. The mineral block is expected to contain iron ore resources estimated at 48.5 million tonnes, in addition to 2.7 million tonnes of ore already stockpiled in dumps.

The company has stated that it will now begin the process of obtaining the necessary statutory clearances and the Letter of Intent from the government, which will allow them to execute the lease deed and commence mining operations.

In a separate development, JSW Steel’s Italian arm, JSW Steel Italy Srl, has entered into a commercial agreement with Metinvest Adria S.p.A., under which Metinvest will pay a release fee of Euro 30 million. This agreement is part of JSW Steel's broader strategy to expand its global operations and enhance its portfolio of mining and steel production assets.