NEW DELHI (PTI): Indian government March 5 threw open to Private sector the mineral industry, which was so far the exclusive preserve of the public sector.
Announcing the new mineral policy in Parliament, minister of State for mines Balram Singh Yadav, said the aim of the new policy was to propel and accelerate development of the mineral sector in the country.
The minerals now open for the private sector investment are iron ore, manganese, chrome, sulphur, gold, diamond, copper, lead, zinc, molybdenum, tungsten, nickel and platinum group.
The revised policy raises the ceiling on foreign equity in the mining industry by allowing foreign equity participation up to 5096 in Indian companies engaged in mining activities, now mineral and metal processing units which wish to develop captive mines will be allowed foreign equity participation in the manner and to the extent already permitted to such processing units.
The minister said the revised policy is expected to pave the way ‘to attract private sector investment and induct foreign technology and. foreign equity Participation in exploration and mining for important minerals as well as high Value scarce minerals.
Article extracted from this publication >> March 12, 1993
