India's Jindal Steel Limited has become the preferred bidder to acquire an iron ore block in Odisha.

Indian company Jindal Steel has become the preferred bidder for the acquisition of the Thakurani A1 iron ore block in the eastern state of Odisha, a representative of the government of Odisha said on Wednesday, March 11.

The company was declared the preferred bidder after submitting the highest bid in an auction of 12 mineral blocks completed by the Government of Odisha.

After the acquisition of the iron ore, the Block was formalized by signing a contract, which will increase the supply of raw materials for the Angul steel mill of Jindal Steel Limited in Odisha.

The Thakurani A1 block has estimated reserves of 50 million tons, and Jindal Steel is expected to extract about 1.5-2 million tons of ore per year from the block, the official said.

The block will take three years to develop. the block," he added.