Prakash Industries Limited shared an update on the progress of its Bhaskarpara Commercial Coal Mine in Chhattisgarh.

On January 29, the company made a payment of ₹32.62 crore to the Forest Department. This payment is attributed to the Non-Forestry use of forest land and the Wild-Life Conservation Plan associated with the coal mine project.

Previously, the company had received the Permission to Establish from the Chhattisgarh Environment Conservation Board. In adherence to regulatory requirements, Prakash Industries Limited had also paid ₹23.25 crore towards the Net Present Value (NPV) of diverted forest land and ₹35.12 crore for compensatory afforestation concerning the Bhaskarpara Commercial Coal Mine.

The company reported that the development of the mine is progressing rapidly, and the company obtained the In-principle Stage-1 approval under the Forest (Conservation) Act, 1980, along with the Environmental Clearance (EC) for the project. The Mining Lease for the Bhaskarpara Commercial Coal Mine is anticipated to be executed in the current quarter.

The shares were up by five per cent to ₹210.15 as of 3.23 p.m. on the BSE.