The supply of iron ore from the said mine started after the receipt of necessary approvals from Department of Forest, Government of Karnataka.
In September 2018, Kirloskar Ferrous was declared as the ‘preferred bidder’ in respect of e-auction of Bharath Mines & Minerals based on highest final price offer submitted by the company.
The company had entered into the mining lease deed with the Government of Karnataka, Department of Mines and Geology for the aforesaid mine to conduct mining operations for a period of 50 years in March 2021.
Kirloskar Ferrous Industries is one of India's largest castings and pig iron manufacturers. The company caters to various industry sectors, such as tractors, automobiles and diesel engines.
The company reported 4.93% decline in consolidated net profit to Rs 77.64 crore in Q2 FY25 as compared to Rs Rs 81.67 crore in Q2 FY24. However, revenue from operation gained 6.81% to Rs 1,666.02 crore in Q2 FY25 as compared to Rs 1,559.69 crore posted in the same period last year.