CCI okays combination of Anantam Highways Trust & Alpha Alternatives Fund (See 'Corp Brief') IPR - Fact that existing competitor in comparison to new entrant in market has deliberately, intentionally and in calculated manner attempted to reap from cultivated soil of trade rival, is impermissible: HC (See 'Legal Desk') With 24 Countries Onboard, India leads in Global Big Cat Protection (See 'Corp Brief') PMLA - 'Predicate offences' lodged under newly introduced Bharatiya Nyaya Sanhita can be treated as 'scheduled offences' under stringent PMLA, even if its schedule only refers to repealed IPC: HC (See 'Legal Desk') CCI approves acquisition of equity of Renault Nissan Automotive by Renault Group B.V. and Renault S.A.S. (See 'Corp Brief') NI Act - Debt arising from illegal cash transaction in violation of Income Tax Act is not legally enforceable debt: HC (See 'Legal Desk') Ministry of Ayush advances Scientific Research through AYURGYAN Scheme (See 'Corp Brief') A&C - Foreign arbitral award cannot be enforced against person who was not party to arbitration proceedings: HC (See 'Legal Desk') Scindia announces launch of Sanchar Saathi Mobile App in Hindi & 21 regional languages (See 'Corp Brief') IPR - Company that suffers loss/damages due to acts of accused for selling counterfeit products can file appeal against acquittal as 'victim' under proviso to Sec 372 CrPC: SC (See 'Legal Desk') NI Act - Amendment to complaint u/s 138 can be made at post-cognizance stage, provided that no 'prejudice' is caused to accused and complainant's cross-examination is awaited: SC (See 'Legal Desk') Scindia reviews BSNL's Performance, Emphasizes Customer Experience (See 'Corp Brief') PMLA - Being secured mortgagee, bank is at liberty to stake its claim before PMLA Court u/s 8(5), with notice to other secured and unsecured creditors: SAFEMA (See 'Legal Desk') Govt ensures better use of LPG by PMUY beneficiaries: MoS (See 'Corp Brief') Competition Act - Information filed beyond statutory 3 year period cannot be condoned where no cogent reasoning is provided therefor; conduct of respondent also not found to be in abuse of dominant position or an anti-competitive agreement: CCI (See 'Legal Desk') Earth Sciences Ministry's Foundation Day: MoS announces 14 scientific products (See 'Corp Brief') SEBI - SECC Regulations - penal provisions must be interpreted strictly, especially when civil liabilities and penalties are involved: SAT (See 'Legal Desk') J&K witnesses Rapid Upgradation of Rail Tracks and Coaches (See 'Corp Brief') Stronger the Logistics, Stronger the Borders: Rajnath Singh (See 'Corp Brief') IPR - Indiamart shall be restrained from providing registered trademark 'PUMA' in respect of goods if search options in its drop down menu presented to prospective sellers at time of registration on e-commerce platform: HC (See 'Legal Desk') APEDA refutes unfounded allegations in Organic Cotton Certification (See 'Corp Brief') IPR - Sole intention of defendants was to defraud Indian consumers into mistakenly believing that it were genuine sites of Gameskraft; Rogue websites shall be restrained: HC (See 'Legal Desk') Coal Ministry holds Workshop on Exploration Module of SWCS (See 'Corp Brief') IPR - Since there is no prima facie sustainable allegation of involvement, by Amazon Tech, in any infringement of Lifestyle's registered trademark, does not amount to deliberate infringment: HC (See 'Legal Desk') Re-thinking Royalty in the Digital Age (See CORP EINSICHT)

Ministry of Mines to launch Auction of Mineral Blocks in Offshore Areas of India

Published: Nov 28, 2024

By TIOLCorplaws News Service

NEW DELHI, NOV 28, 2024: THE Ministry of Mines, Government of India, will be launching the first-ever tranche of auction of mineral blocks in the offshore areas of India on 28th November 2024. This landmark initiative marks India's entry into the exploration and development of undersea mineral resources within its offshore area. Offshore area of India includes the territorial waters, continental shelf, exclusive economic zone (EEZ) and other maritime zones of India.

India's Exclusive Economic Zone (EEZ) of over 2 million sq.km. holds significant mineral resources. Offshore minerals are vital to securing India's strategic and economic interests. With the rapid global shift towards technologies reliant on high-demand minerals, such as cobalt, nickel, rare earth elements (REE), and polymetallic nodules, India must develop diverse mineral sources to reduce dependence on imports and stabilize its supply chains.

In August 2023, the Parliament amended the Offshore Areas Mineral (Development and Regulation) Act, 2002, mandating auction as mode of allocation of mineral blocks in the offshore areas. This amendment allows the government to streamline the grant of production leases and composite licenses for the exploration and extraction of these resources.

This first tranche includes 13 carefully selected mineral blocks spanning across the Arabian Sea and Andaman Sea, featuring a mix of construction sand, limemud, and polymetallic nodules. These minerals are critical for infrastructure development, high-tech manufacturing, and the green energy transition.

Union Minister of Coal and Mines, G. Kishan Reddy and Union Minister of State for Coal and Mines, Satish Chandra Dubey will officially launch this ground-breaking initiative.

Ministry of Mines, Government of India, thrives to mark a transformative chapter in India's mineral exploration journey, with the potential to unlock vast economic and strategic opportunities. By fostering private sector participation, leveraging advanced technologies, and streamlining regulatory frameworks, this initiative underscores the government's commitment to sustainable resource utilization and self-reliance. As India steps into this new frontier of undersea mineral exploration, it aims to not only bolster its industrial and green energy sectors but also secure its position as a global leader in critical minerals.

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