Gujarat Mineral Development Approves Rs 3,041 Crore Capital Outlay For Fiscal 2025

The board of Gujarat Mineral Development Corp. has approved a Rs 3,041 crore capital investment for fiscal 2025, strengthening their commitment towards substantial growth and sustainable development in the sector.

GMDC has allocated Rs 1,138 crore towards new lignite projects. This investment will help boost existing lignite projects along with supporting the development of new ventures, its exchange filing said on Thursday.

The state-owned mining company will allocate Rs 629 crore to accelerate operationalisation of the allotted coal blocks in Odisha. This will help contribute to the region's industrial prosperity and the nation's energy security, according to the filing.

The company will also invest Rs 462 crore for the expansion and modernisation of metal projects. This initiative majorly concentrates on the extraction and processing of rare earth elements, it said.

The Ahmedabad-based mining company will invest Rs 371 crore into the development of power projects, with major importance given to renewable energy, the exchange filing said.

"Our approved capital outlay for the next five years is a testament to GMDC's robust financial health and our optimistic outlook towards the future. These investments are pivotal in our journey towards achieving long-term growth, operational excellence, and sustainability," said Roopwant Singh, managing director of GMDC.

Shares of GMDC closed 3.48% higher at Rs 415.25 apiece, as compared with a 0.74% rise in the benchmark BSE Sensex.