Bhopal: Birlas get Bundar diamond mine, Adanis outwitted

Auction done after Rio Tinto decided to stop work in mine.

Staff ReporterUpdated: Wednesday, December 11, 2019, 10:29 PM IST
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BHOPAL: Essel Mining of the Birla Group got the contract of Bunder diamond mine in Chhatarpur on Wednesday.

Besides Essel Mining, Adanis and Rungta Group took part in the online auction of the mine which the state government will restart in a year.

The offset value of the diamond mine has been fixed at Rs 55,000 crore and five companies took part in the bidding for it, but the Birla Group and the Adanis remained in the competition till end.

The government fixed base royalty of 11.5% on the offset price, but it shot up to 30.5% at the end.

The state government will get 41.55% of royalty from the mine, which will amount to Rs 23,000 crore.

The previous government handed over the mine to Rio Tinto which did not complete the work.

After the company had left, the mine was shut so the Congress began the process for auctioning the mine to earn revenue.

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