Cancellation of limestone mine will not affect production, says Ultratech

India’s Ultratech Cement has assured local press that the cancellation of the mining lease for limestone mines owned by a company subsidiary, GKUPL, in the Nagaur District of Rajasthan will not impact production. The company released the following statement to the Bombay Stock Exchange (BSE):

‘We write to inform you that the company’s wholly-owned subsidiary Gotan Lime Stone Khanij Udyog Private Limited (GKUPL) has received an order from the Mines Department, Government of Rajasthan for cancelling the transfer and mining lease of the limestone mines situated in Nagaur District of Rajasthan alleging procedural irregularities in transfer of the mines in the name of GKUPL. The matter is being challenged and is likely to be heard on 7 January 2015.

The supply from the mines is in addition to its other supply from existing mines and other sources. The company will procure the limestone from the market in the interim and its day to day operations will not be impacted.’

Edited from various sources by Rosalie Starling

Sources

• The Hindu Business Line
• The Economic Times

Read the article online at: https://www.worldcement.com/asia-pacific-rim/22122014/cancellation-of-limestone-mine-will-not-affect-production-says-ultratech-52/