The miner said that the coal block is an optimal fit for the company's Jharsuguda smelter given its logistical location and annual capacity. The mine has geological reserves of 1,680 million tonnes and an estimated per annum capacity of 8 million tonnes. Once operational, it will provide fuel security, improve power availability and further strengthen the company's aluminium operations and performance.

On a consolidated basis, Vedanta reported a net profit to Rs 7,629 crore in Q4 FY21 as compared to a net loss of Rs 12,083 crore in Q4 FY20. Net sales increased by 42.8% year-on-year (Y-o-Y) to Rs 27,874 crore during the quarter, primarily due to higher volume at Aluminium business, Zinc India, Iron ore business, higher power sales at TSPL and improved commodity prices.

Vedanta, a subsidiary of Vedanta Resources, is one of the world's leading oil & gas and metals company with significant operations in oil & gas, zinc, lead, silver, copper, iron ore, steel, and aluminium & power across India, South Africa, Namibia, and Australia.

Shares of Vedanta slipped 0.34% to Rs 251.60 on BSE. The scrip hit an intraday high of Rs 256.85 and an intraday low of Rs 249.90 today.

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