Prakash Industries Limited announced the company informed that subsequent to the grant of In-principle Stage-I approval on 21 August 2023, the Ministry of Environment, Forest and Climate Change, Government of India has on 11 July 2024 granted Final I Stage-II approval under the Van (Sanrakshan Evam Samvardhan) Adhiniyam, 1980 for Bhaskarpara Commercial Coal Mine in Chhattisgarh. As informed earlier, the Permission to Establish is already in place from the Chhattisgarh Environment Conservation Board and the development of the mine is progressing fast. The Mining Lease is now expected to be executed by next month.

The supplies of coal from this mine shall provide stability to the Company's Integrated Steel operations as well as result in significant cost reductions. Additionally, this being a commercial mine, it shall also boost the revenue and the profitability through sale of coal in the open market.