Owais Metal and Mineral Processing Limited announced update in the Gold Mine Project in Rajasthan. After submitting the Highest Final Price Offer, the Directorate of Mines and Geology, operating under the Government of Rajasthan, recognized company's potential and declared the company the Preferred Bidder. On July 2, 2024, the company received an official communication from the Directorate requesting a deposit of INR 1,000.00 million as the first installment of the upfront payment, per the tender documents.

This payment was required by July 6, 2024 to facilitate the issuance of the Letter of Intent (LOI) for the mines in favor of Mr. Saiyyed Owais Ali, its Promoter and Managing Director. Demonstrating the commitment and financial capability, its promoter has successfully deposited the required INR 1,000 million on July 5, 2024, a day ahead of the deadline. This prompt action reflects the readiness to advance this project and underscores its dedication to contributing to India's gold production and economic growth.