Govt of Rajasthan Rejects Mangalam Cement's Bid for Mining Lease

Mangalam Cement Ltd. has been informed by the Government of Rajasthan, Department of Mines and Petroleum, that their bid for a mining lease for Nimana Duniya Extension Block District, Kota, over an area of 408.2974 hectares, has been rejected. The rejection is based on the ground that the final price offer of 35.05% submitted by the Company was found to be comparatively lower than the bids received in auctions of other similar limestone blocks in the region. The Company had participated in the e-auction process in accordance with the applicable laws and tender conditions and had duly complied with all procedural requirements. The Company is currently examining the matter to determine the future course of action including legal recourse.