Prakash Industries Limited announced that the Ministry of Environment, Forest and Climate Change, Government of India has this week granted In-principle Stage-I approval under the Forest (Conservation) Act, 1980 for its Bhaskarpara Commercial Coal Mine in Chhattisgarh. The development of the said mine is well progressing and the Mining lease is likely to be executed by the next quarter. The supplies of coal from this mine shall provide stability to the Company's Integrated Steel operations as well as significant cost reductions.

Further, this being a commercial mine, it shall also boost the revenue and the profitability through sale of coal in the open market.