New Delhi, Jan. 7 -- Tata Steel has booked a bulk shipment of iron ore lumps from Tata Steel Minerals Canada (TSMC), marking the first time the Indian steelmaker has sourced this key raw material from its Canadian arm for use in India, three executives familiar with the development said.

The move reflects a long-term plan by India's second-largest steelmaker to address potential iron ore shortages, as many of its captive leases are set to expire in 2030.

"Management decided to test the shipment, if the company faces shortage around 2030 when the captive mines are due to expire, they will have an option to explore," said the first of the three the executives cited earlier, all of whom spoke on the condition of anonymity.

The shipment co...