Jindal Steel has officially announced its selection as the preferred bidder for the Thakurani-A1 iron ore block in Odisha, following the conclusion of an online auction conducted by the Government of Odisha. The company secured this strategic asset by committing to pay a premium of 101.20% to the government, marking a significant milestone in its raw material acquisition strategy.

Official Announcement and Regulatory Filing

The company made the announcement through a press release and regulatory filing under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was submitted to both BSE Limited and National Stock Exchange of India Limited, confirming the company's preferred bidder status for this virgin mineral block.

Block Details and Strategic Value

The Thakurani-A1 iron ore block represents a valuable addition to Jindal Steel's resource portfolio. The following table outlines the key specifications:

Auction Process and Competition

The Thakurani-A1 block was part of a competitive auction round for 12 virgin mineral blocks notified by the Odisha Directorate of Mines and Geology in December 2025. As a G3-level explored virgin block, it contains approximately 50 million tonnes of iron ore resources according to government documentation, providing substantial reserves for the company's steel manufacturing operations.

Strategic Impact on Operations

This acquisition reinforces Jindal Steel's mine-to-metal integrated business model and strengthens its position in India's eastern region. Located in Keonjhar, Odisha, the block will enhance the company's raw material supply chain security and support its state-of-the-art facilities in Angul, Raigarh, and Patratu. The addition of this iron ore block aligns with the company's strategy of leveraging captive resources to maintain operational efficiency and cost competitiveness in steel production.

Skyhigh Sustainable Limited has filed mandatory regulatory disclosures following its acquisition of 4,97,09,952 equity shares representing 4.87% voting rights in Jindal Steel Limited through an off-market inter-se transfer from parent company Gagan Infraenergy Limited on February 20, 2026.

Transaction and Regulatory Framework

The wholly owned subsidiary of Gagan Infraenergy Limited completed the share acquisition under the exemption available under Regulation 10(1)(a)(iii) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. Skyhigh Sustainable Limited, incorporated with CIN U46901CT2024PLC016633 and registered office at Taraimal, Gharghoda Road, NSPL Nalwa Raigarh, Chattisgarh, filed the mandatory disclosure under Regulation 29(1) with both BSE Limited and National Stock Exchange of India Limited.

Shareholding Position Analysis

The acquisition represents Skyhigh Sustainable Limited's entry into Jindal Steel Limited's shareholding structure, moving from zero holdings to 4.87% voting rights. The transaction maintains the overall promoter group shareholding percentage as both entities remain part of the same promoter group structure.

Corporate Structure and Compliance

The disclosure reveals Jindal Steel Limited's extensive promoter group network comprising 50 entities acting in concert, including prominent Jindal family members, various trusts, and corporate entities such as JSW Holdings Limited, OPJ Trading Private Limited, and Opelina Sustainable Services Private Limited. The company's total equity share capital remains unchanged at Rs. 1,02,00,88,097 comprising 1,02,00,88,097 equity shares of Re. 1 each.

Skyhigh Sustainable Limited's director Nand Kishore Sharma digitally signed the regulatory filings, ensuring compliance with SEBI takeover regulations. The transaction qualified for exemption as it involved transfer between entities within the same promoter group, eliminating the requirement for making an open offer to minority shareholders. Jindal Steel Limited shares continue trading on both BSE Limited and National Stock Exchange of India Limited under their respective scrip codes.