In a bid to attract private investors, the government will provide incentives for the exploration of 50-60 blocks bearing minerals like iron ore and limestone, a top official said today.
Jharkhand, Chhattisgarh and Odisha are among the states that are preparing for auction of around 70 mineral blocks like iron ore, limestone and bauxite in the next financial year.
The deposits in these mines include iron-ore, bauxite, manganese, limestone as well as dolomite and their leases have lapsed this month in the absence of forest and environment clearances, required for execution of a lease deed.
The mines auction, which kicked off earlier this year, is now pulling investors in hordes as 10 companies snapped up 16 mines, translating into a revenue of close to Rs 59,500 crore for states.
The quantity expected to be handled during the two-year contract is around 8 lakh metric tonnes. The company has already handled 48,000 metric tonnes of limestone cargo that came in two ships in September and is now gearing up to receive the next vessel, a statement issued here said today.
That was followed by petroleum (crude) at Rs 5,593 crore, natural gas (utilised) at Rs 2,165 crore, iron ore at Rs 1,347 crore, limestone at Rs 554 crore and Lignite at Rs 535 crore, it added.
Cement accounted for 91.34 percent of its total sales in 2015-16. The company's turnover stood at Rs 3,768.42 crore in the period.
At the first meeting of the inter-ministerial group (IMG) held earlier this month, it was decided that a software should be installed for such online monitoring to expedite post-auction clearances, a senior official said.
Six months after auction process was initiated for 43 mines across 12-mineral bearing states, only six blocks have managed to find buyers
Steel and Mines Minister Narendra Singh Tomar in a tweet congratulated Chhattisgarh government and the Mines Ministry "for bumper success of mining lease auction done for the first time in country".
In the case of limestone, Andhra Pradesh has put up six blocks for auction followed by Gujarat (5), Chhattisgarh (4), Rajasthan (3), Odisha and Jharkhand two each and Maharashtra had placed one block under the hammer, they added.
CNBC-TV18‘s Menaka Doshi in a special series â€˜Hello GST‘ analysis the impact of GST on the cement industry and the bill may not prove to be a positive for the industry.
The Rs 100 crore funding is led by Accel Partners, IVY Capital and Dragoneer, with participation from Kalaari Capital and Saama Capital, BlueStone.com said in a statement. Avendus Capital was brought in as advisor for this transaction, it added.
State governments have been empowered to conduct the auction. They will identify and demarcate areas for minerals auction. This will entail two rounds of minerals auction - technical and financial round.
The railway Budget proposals, presented by Railway Minister Suresh Prabhu in Parliament Today, proposed to hike freight rates for 12 commodities in the range of 0.8 percent to 10 percent.
India's mineral output fell 5.7 percent in May. The total value of the production stood at Rs 18,074 crore in the month under review. The index of mineral production of mining and quarrying sector in May 2013 was higher by 1.6 percent compared to that of April.
A large number of cement companies have applied to the Meghalaya government to set up plants in the limestone-rich state, Chief Minister Mukul Sangma said today.
In an effort to bridge the huge gap between demand and supply of cement, state-owned Jammu and Kashmir Cements Limited is all set to double its production capacity from 600 tonne per day shortly.
Ambuja Cements today said it has acquired 85% stake in Nepal's Dang Cement Industries for Rs 19.13 crore.