Prakash Industries Limited witnessed a five percent surge in its shares following a positive update on its Bhaskarpara Commercial Coal Mine project in Chhattisgarh. The company successfully made a payment of ₹23.25 crores to the Forest Department, Distt. Surajpur, Chhattisgarh, covering the Net Present Value (NPV) of the diverted forest land.
In addition, a preceding payment of ₹35.12 crore was completed on December 26, 2023, to the Office of Collector, Janjgir-Champa, Chhattisgarh, for the premium of land, designated for transfer to the Forest Department for Compensatory Afforestation.
Prakash Industries has secured In-principle Stage-I approval under the Forest (Conservation) Act, 1980, and Environmental Clearance (EC) for the Bhaskarpara project. The mine’s development is progressing as planned, with the execution of the Mining lease anticipated in this quarter.
As of around 1:00 pm, the company’s shares showed a five percent increase, reaching ₹175.45 on the NSE.
