Tata Sponge Iron has received a letter of intent from Eastern Coalfields, a subsidiary of Coal India. It has been declared the successful bidder for award of 24,000 tpa of coal at a notified price (winning premium is zero). The price would be reviewed by Coal India on a half-yearly basis.

The company would be required to execute the fuel supply agreement, for five years from the date of execution. The agreement has a two-year lock-in period.

Published on June 24, 2016