7 limestone blocks in Umrangso being auctioned: CM at mining mins' conclave
1
2
Guwahati: Addressing the second edition of the North East Geology and Mining Ministers' Conclave here on Friday, chief minister Himanta Biswa Sarma announced that the state has begun auctioning seven limestone blocks situated in the Umrangso area of Dima Hasao district.
The conclave marks a significant step towards harnessing the untapped mineral and coal resources across the northeastern states.
Sarma, in his keynote address, outlined the state's progressive policy reforms and significant monetary investments in the mining sector.
He added that the state has begun auctioning seven limestone blocks, of which five blocks have already been auctioned with letters of intent distributed, while the remaining two blocks are scheduled for auction by Aug 2025.
He conveyed optimism that through collaboration with the Govt of India and Indian Bureau of Mines, at least one limestone block would become operational by Dec 2025.
The CM announced that the mines and minerals department secured 14 MoUs with investment pledges surpassing Rs 46,000 crore from domestic and international investors during the Advantage Assam 2.0 Summit. He assured the attendees of providing a favourable business atmosphere and disclosed that the state cabinet had given approval for establishing the Assam State Mineral Trust, which aims to advance sustainable practices in mining and exploration of minor minerals.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
เทรดทองCFDs ด้วยค่าสเปรดที่ต่ำที่สุด
IC Markets
สมัคร
Undo
Union coal and mines minister G Kishan Reddy, in his address, highlighted the significant position of the northeast in India's mining and energy strategy and noted that the mineral-abundant states of the region are receiving dedicated attention under the PM's guidance to convert their unused resources into catalysts for economic advancement, job creation and regional development.
The minister assured complete backing from the centre to all northeastern states in developing their individual mining action strategies.
He emphasised the necessity of implementing environmentally conscious and technologically sophisticated mining methods. Additionally, he stressed the importance of coordinating mineral development activities with disaster readiness, scientific studies and social progress.
Coal ministry secretary Vikram Dev Dutt emphasised the northeast's vital role in India's energy security, citing its abundant tertiary coal reserves across Assam, Meghalaya, Arunachal Pradesh, Nagaland, Mizoram, and Sikkim.
He described these deposits' distinctive features, including high calorific value, low ash content, and elevated sulphur levels.
The secretary announced that 10% of the funding for central sector exploration schemes has been allocated to the northeast, emphasising the importance of focused exploration activities. He reported the successful auction of five coal blocks in the region, with a total output capacity of 1.2 million tonnes yearly, projected to create approximately 1,650 employment opportunities and yield about Rs 800 crore in annual state revenue.
He affirmed the ministry's commitment to maintaining sustainability as a fundamental aspect of coal development initiatives in the northeastern region.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
20 minutes ago
- Economic Times
Singapore International Arbitration Centre rules in favour of Amazon in Future Group case
Amazon claim trimmed Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The Singapore International Arbitration Centre (SIAC) has ruled in favour of Amazon in its long-standing legal battle with Kishore Biyani-led Future Group , holding that Reliance Retail- Future merger deal breached its pre-existing contract. However, Amazon has managed to get minuscule damages of Rs 23.7 crore against claimed amount of Rs 1436 a final award issued late Thursday night, the three-member tribunal said the 2020 board resolution by Future Retail Ltd (FRL) approving the sale of its retail, wholesale, and logistics assets to Reliance was in breach of contractual obligations under the Shareholders' Agreement (SHA) and Share Subscription Agreement (SSA) signed between Amazon and Future Coupons Pvt Ltd (FCPL).While Amazon had sought damages of Rs 1,436 crore, the tribunal awarded a significantly smaller sum of Rs 23.7 crore. It directed 11 promoters and parties, including Kishore Biyani , to jointly and severally pay the amount, along with interest at 10.3% annually (compounded) from March 9, 2022, until full payment. The parties are also liable to bear Amazon's arbitration and litigation tribunal noted that 835 of FRL's 1,534 retail stores were transferred in a manner that breached Amazon's contractual rights stemming from its 2019 acquisition of 49% in FCPL for Rs 1,400 crore. FCPL held a 10% stake in Tribunal held that Amazon was entitled to damages due to the promoters' repudiatory breaches of the Future Coupons Pvt Ltd (FCPL) Shareholders' Agreement (SHA), but it rejected the quantum of Rs 1,436 crore claimed by the had based its claim on "reliance loss," arguing that it should be compensated for the full value of its 2019 investment in FCPL including Rs 1,430 crore paid under the Share Subscription Agreement and Rs 5 crore in associated the Tribunal found that even if all contractual agreements had been fully performed, Amazon would not have recovered its entire investment due to the declining financial condition of Future Retail Ltd (FRL) the ultimate beneficiary of Amazon's stake in the impact of the COVID-19 pandemic and FRL's deteriorating business value, the Tribunal observed that awarding full damages would unfairly shield Amazon from a commercial loss it was likely to incur regardless.'Such an award would essentially allow Amazon to escape a bad bargain,' the final award the Tribunal awarded Amazon total legal and related costs of Rs 77.3 crore and SGD 68, Amazon-Future legal dispute began in October 2020, when SIAC's emergency arbitrator restrained Future Retail from proceeding with the Reliance deal. The Future Group had challenged the arbitration, citing the Competition Commission of India's 2022 suspension of the Amazon-FCPL deal.
Time of India
31 minutes ago
- Time of India
$1.86 billion worth of IPO shares set to unlock in July: Nuvama Report
A significant volume of pre-IPO shareholder lock-ins worth $ 1,860 million is set to expire in July 2025, potentially reshaping the shareholding structure of several recently listed companies . According to a report by domestic brokerage Nuvama Institutional Equities, the lock-in expiries next month span across multiple companies and include both promoter and non-promoter holdings. The expiring shares cover both one-month and six-month lock-in tenures. While these shares will become eligible for trading, the report notes that not all will necessarily be sold in the open market, as a considerable portion may continue to be held by promoters and strategic long-term investors. Under the one-month lock-in category, three companies are scheduled to see their restricted shares unlock in July. Scoda Tubes , with a lock-in value of $ 5 million, will unlock on 2nd July. Arisinfra Solutions follows with $ 10 million worth of shares becoming tradable on 23rd July, and Oswal Pumps will unlock shares worth $ 27 million on 18th July. The total lock-in value under the one-month category is $ 42 million. In the six-month lock-in segment, six companies are expected to see significantly larger expiries. Unimech Aerospace & Manufacturing leads with a lock-in value of $ 501 million, unlocking on 1st July. Standard Glass Lining Tech. will see $ 259 million worth of shares unlock on 11th July, followed by Quadrant Future Tek with $ 123 million on 14th July. Laxmi Dental is scheduled for $ 105 million worth of unlocks on 21st July. Live Events Indo Farm Equipment will witness two separate unlock events: $ 51 million worth of shares on 10th July, and an additional $ 2 million on 11th July, taking the combined total to $ 53 million. The lock-in expiries in July also include other companies such as RBZ Jewellers ($ 14 million), Vraj Iron & Steel ($ 37 million), Medi Assist Healthcare ($ 82 million), Jyoti CNC Automation ($ 598 million), and Sanstar Limited ($ 46 million). While these companies are set for unlocks in July, Nuvama's broader lock-in analysis covers a total of 57 companies between 30th June and 30th October 2025, with an aggregate lock-in value of $ 15 billion. The study includes companies listed up to 25th June 2025. Such expiries are closely watched by market participants, as they can lead to changes in liquidity, free float, and shareholding patterns in the post-IPO phase. Also read: Rs 1 lakh crore selloff tsunami threatens Nifty rally as promoters, strategic investors exit ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Time of India
35 minutes ago
- Time of India
Prestige Group forms JV with Chennai's Arihant to develop ₹1,600 crore residential project
Prestige Group and Arihant Foundations and Housing Ltd will jointly develop a 3.5-acre residential project in Chennai with a revenue potential of more than Rs 1,600 crore. According to a regulatory filing, Prestige Estates Projects Ltd and Arihant Foundations and Housing Ltd have formed a joint venture to buy 3.48-acre land in Velachery, Chennai from Rane (Madras) Ltd. The acquisition will be undertaken through JV entity Canopy Living LLP. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Tamil Nadu Mosquito Problem? Do This Immediately (Genius!) Mosquito Eliminator Read More Undo "The land is earmarked for the development of premium residential dwellings with a total development potential of approximately 7.5 lakh square feet and an estimated Gross Development Value (GDV) of over Rs 1,600 crore," the filing said. On Friday, Rane (Madras) Ltd informed that it has sold a 3.48-acre land parcel in Velachery, Chennai to the JV firm for Rs 361 crore. Live Events The land deal was facilitated by real estate consultant CBRE. Irfan Razack, Chairman and Managing Director of Prestige Group, said, "Chennai continues to be an integral part of our national expansion strategy, and this upcoming acquisition in Velachery marks another step in our journey to deliver landmark residential developments." "Our partnership with Arihant in the region reflects a shared vision to develop high-quality, thoughtfully designed communities that resonate with evolving urban lifestyles ," he said. Bengaluru-based Prestige Group has delivered 302 projects spanning 193 million square feet and has a pipeline of 130 projects across 203 million square feet. Arihant Foundations and Housing Ltd is a Chennai-based real estate developer with over four decades of experience and a delivery track record of more than 25 million square feet.
