Kolkata, 21St December 2023: Rashmi Group, has recently forayed into Mining, as a part of backward Integration process and has achieved a significant milestone by securing the first-ever private coal mining rights in West Bengal. The Ministry of Coal, Government of India, through auction (among others) has allotted three coal mines in the state, namely Kagra Joydev Coal Block and Kasta East Coal Block in Birbhum, along with Jagannathpur B in West Burdwan. These mines were successfully allotted to Rashmi Group, marking a historic moment in the state's industrial landscape.
After receiving cabinet approval through “Long Term Settlement” Scheme (LTS), the Government of West Bengal has transferred 715.58 acres of land to Rashmi Group at Kagra Joydev Coal Block, formerly allotted to DVC. This strategic move sets the stage for the operationalisation of the coal block in Birbhum, promising significant employment generation in the region and fostering peripheral development. Additionally, it is expected to contribute substantially to the state government's exchequer.
Rashmi Group has a robust history of investment in West Bengal till FY 2023, with Rs 15,000 Crores invested in an Integrated Steel Plant and Rs. 450 Crores in mining activities. Looking ahead, the group is committed to enhancing its presence in the state, with proposed investments of Rs 20,000 Crores in expanding the Integrated Steel Plant and an additional Rs 2000 Crores in mining activities from 2023 to 2030. The current employment scenario showcases the group's commitment to employment creation in West Bengal, with 40,000 employees in the Integrated Steel Plant and 500 in mining. The proposed expansion plans aim to bolster these figures, with an estimated 40,000 jobs in the Integrated Steel Plant and 15,000 in mining. In terms of revenue contribution, Rashmi Group presently adds Rs 4700 Crores per annum to the state government's coffers. The envisioned expansion plans, including the augmentation of the Integrated Steel Plant in Kharagpur & Jhargram, establishment of Integrated Steel Plants in Jamuria and Purulia, and other initiatives, signal a promising future for both the industry and the state.
The Group is really indebted to the State Govt. for their continued support and handholding for our existing operations in the State and also for the State Govt.’s encouragement in stepping into new endevours. The State of West Bengal since 2011 has been really industry friendly and ensuring ease of doing business has given us the confidence to plan larger Investments and also encouraged us diversify into newer relevant sectors / areas in West Bengal.
In order to start our Mining operations in Kagra Joydev Coal Block (Birbhum), we are confident of the continued support from the local district administration in acquiring Land required for Mining alongside possession of land acquired through LTS in order to proceed with our plans as per schedule.
Mr. Sanjib Patwari, Promoter, Rashmi Group, expressed enthusiasm about the company's contribution to the state's growth. He stated, "Rashmi Group is honoured to play a pivotal role in the economic development of West Bengal. We are committed to creating sustainable employment opportunities and contributing to the prosperity of the region. The success of this venture will not only be a testament to our capabilities but also a symbol of collaborative growth with the state government. Rashmi Group looks forward to a fruitful collaboration with the Government of West Bengal and is optimistic about the positive impact of its ventures on the state's economic landscape.”
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