Chennai based Refex Industries Limited has secured a Rs. 300 crores coal mining contract from a large mining entity in Jharkhand. The project covers removal of overburden, excavation, and transportation of coal, scheduled for completion within eight months, with a potential extension of up to four years. The company announced the development through an official filing to the stock exchanges, following SEBI’s Listing Obligations and Disclosure Requirements.
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Contract Marks Strong Expansion in Mining Portfolio
According to Refex Industries, the newly awarded contract is a domestic, non-related party transaction, ensuring transparency and adherence to SEBI guidelines. The company’s secretary and compliance officer, Ankit Poddar, communicated the details to the bourses, clarifying that neither the promoters nor the promoter group have any interest in the awarding entity. The deal, valued at Rs. 300 crores, is expected to strengthen Refex’s presence in the coal and mining services segment, which forms a growing part of its diversified operations that include ash handling, renewable energy, and green mobility.
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Strategic Move Despite Mixed Quarterly Results
While the company reported a 29.5% decline in consolidated net profit and a 35% drop in sales in Q1 FY2025 compared to the same quarter last year, this new mining order signals a possible turnaround in its industrial portfolio. Refex shares rose 4.12% to Rs. 365.20 on the day of the announcement, reflecting positive investor sentiment. Industry analysts note that such large scale mining contracts in resource-rich states like Jharkhand could help Refex Industries consolidate its standing as a key player in India’s integrated coal handling and mining operations.
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