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Madhya Pradesh opens door to investors in mining; holds road show for e-auction of blocks

Madhya Pradesh opens door to investors in mining; holds road show for e-auction of blocks

New Delhi : Madhya Pradesh, being touted as an investment hub for mining, is virtually first off the block after the enactment of Amended Mines and Minerals (Development and Regulation) Act 2015. The State has put up for investors three limestone and one diamond block for composite lease through e-auction.

Giving details of the opportunity for investors in the mining sector in the State at a Road Show here today, Secretary Mineral Resources Department, Government of Madhya Pradesh, Sheo Shekhar Shukla said that by October this year the State Government would put up auction notices for five more limestone blocks, adding that in the next two years about 24 mining blocks would be ready to be offered to investors.

The summit was organized by the Federation of Indian Chambers of Commerce and Industry (FICCI) in association with the Government of Madhya Pradesh.

“The State Government was eagerly looking forward to the framework of a new mineral exploration policy by the Central Government and added that the State Government would welcome the formation of joint ventures between the private sector and the State Mineral Corporation for joint exploration,” added Shekhar Shukla.

Sharing the industry perspective, Deputy Executive Director (Corporate Affairs) Dalmia Group, Harmit Singh Sethi said that the new revenue sharing model would make for transparency even as he sought to put at rest concerns over the environmental impact of mining. “We have already reached where the developed world wants us to be” in terms of minimizing the adverse impact of mining, he said.

Vineet Kumar Austin, Director, Directorate of Geology and Mining, Government of Madhya Pradesh, presented the theme of road show and Tuhin Mukherjee, Managing Director, Essel Mining and Industries Ltd. and Chair, FICCI Mining Committee, shared his perspective on the topic. SBI Caps Ltd. gave an overview of the auction process, the eligibility conditions and the bidding parameters. (ANI)