The Indian Government has said that it will soon come out with redrafted rules with regard to exploration and mining in offshore mineral blocks and allot 60 blocks under auction route in first phase, a move that will bring transparency and efficiency in the process. Offshore Areas Mineral (Development and Regulation) Act, 2002 will be redrafted in two to three months time.
We are redrafting Offshore Area Mineral (Development and Regulation) Act, 2002. We are doing consultations with the stakeholders. It will be redrafted in two-three months. Once the Act is redrafted, the allotment of offshore mineral blocks would be done through auction route.
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The Indian Government has said that it will soon come out with redrafted rules with regard to exploration and mining in offshore mineral blocks and allot 60 blocks under auction route in first phase, a move that will bring transparency and efficiency in the process. Offshore Areas Mineral (Development and Regulation) Act, 2002 will be redrafted in two to three months time.
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