Midwest Secures 30-Year Andhra Pradesh Quarry Lease for Quartzite

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AuthorIshaan Verma|Published at:
Midwest Secures 30-Year Andhra Pradesh Quarry Lease for Quartzite
Overview

Midwest Limited received a 30-year quarry lease from the Andhra Pradesh government for coloured quartzite extraction. The lease, valid from January 2026 to January 2056, covers over 21 hectares in Prakasam district, marking a significant long-term operational development. Shares rose 1.24% on the NSE following the announcement.

Midwest Secures Long-Term Quarry Lease in Andhra Pradesh

Midwest Limited has received a significant 30-year quarry lease work order from the Department of Mines & Geology, Government of Andhra Pradesh. This development marks a crucial step forward for the company's operational expansion within the state.

The work order grants Midwest the rights to quarry coloured quartzite blocks, essential materials for cutting and polishing industries. The approved lease area encompasses 21.012 hectares, roughly 51.92 acres, located in Hanumanthunipadu village and mandal, Prakasam district. This area is estimated to hold approximately 609,620 cubic metres of marketable coloured quartzite.

Operations are scheduled to commence on January 6, 2026, and the lease will remain valid until January 5, 2056. Midwest emphasized that the commencement and execution of operations are contingent upon obtaining all necessary statutory approvals and adhering to the conditions set forth by the governing authorities.

This long-term lease agreement was awarded by a domestic government entity and does not involve any transactions with related parties, ensuring transparency in the process. The company had previously indicated its intention to seek government incentives for its rare earth magnet push, with its CEO, Kukreti, confirming plans to apply for related schemes.

Shares of Midwest Limited responded positively to the news, closing on the National Stock Exchange (NSE) at ₹1,795.20 on January 7. The stock registered a gain of ₹22, or 1.24%, reflecting investor confidence in the company's future prospects stemming from this substantial lease.

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