Textiles Mission supports development of Indigenous Thermal Testing Instruments (See 'Corp Brief') IPR - unfair advantage of reputation and goodwill amassed by plaintiff's marks, calls for passing off against defendant: HC (See 'Legal Desk') FERA - If exporter chose to realise export proceeds in the Indian Currency, then he had to ensure that export is made within bilateral framework of trade: SAFEMA (See 'Legal Desk') Benami - Even if there are cash infusions into bank accounts of alleged benamidar, no provisional attachment can be made in absence of evidence to show that such infusions are made by beneficial owner: SAFEMA (See 'Legal Desk') Ministry of Tourism participates in World Travel Market (See 'Corp Brief') DoT leads thematic session on India's telecom innovation (See 'Corp Brief') IPR - Refusal of registration is contingent upon existence of 'likelihood of confusion': HC (See 'Legal Desk') Startup supported by DST demonstrates 500 km Quantum-Safe Network (See 'Corp Brief') Competition Law - Dominance alone does not constitute abuse u/s 4 and competition law will intervene in digital platforms only where market-wide harm, exclusionary conduct, or unfair leveraging is evident: CCI (See 'Legal Desk') MOIL achieves best-ever October Production since Inception (See 'Corp Brief') Competition Law - Back interest charges stemmed from internal bank error constituted contractual dispute and not competition law concern: CCI (See 'Legal Desk') MoS tells NRI scientists - 'You are not outsiders' (See 'Corp Brief') No Blanket cancellations of REIA-Awarded Projects: Govt (See 'Corp Brief') India, Israel ink MoU for co-development & co-production of advanced defence tech (See 'Corp Brief') SARFAESI - CJM's role under Section 14 of the SARFAESI Act is limited to ministerial functions and does not involve adjudication: HC (See 'Legal Desk') EPFO, NITI Aayog organize Seminar on Social Security in Electronic Industry (See 'Corp Brief') MeitY generates Rs 41 lakh Scrap Revenue (See 'Corp Brief') IPR - Use of essential element in competing marks creates a likelihood of confusion, and continued registration of impugned mark is not permitted: HC (See 'Legal Desk') India strengthens global partnerships with Mauritius and UNESCAP in Doha (See 'Corp Brief') DRDO leads thematic session on 'Electronics & Semiconductor Manufacturing' (See 'Corp Brief') PMLA - As per settled precedent, property of equivalent value to proceeds of crime can be attached, even if Appellant is not accused in scheduled offence: SAFEMA Appellate Tribunal (See 'Legal Desk') Scindia hails growth of Indo-French ties at Indo-French North-East Investment Forum (See 'Corp Brief') Misc - Court under Order IX Rule 26 has power to appoint Local Commissioner to ascertain market value of any property, or amount of mesne profits or damages: HC (See 'Legal Desk') Scindia confers Bharat Ratna Hazarika National Awards (See 'Corp Brief') Controller General of Accounts inaugurates Delhi circle Pension Campaign (See 'Corp Brief') Competition Law - Mere dissatisfaction with tender terms or with rejection of bid cannot lead to presumption of imposition of unfair or discriminatory conditions and abuse of dominance: CCI (See 'Legal Desk') Coal India Celebrates 50 Glorious Years of Nation Building (See 'Corp Brief') Scindia lays bricks for Integrated Sohra Tourism Circuit (See 'Corp Brief') Naidu inaugurates creche facility at Udaan Bhawan (See 'Corp Brief') IPR - Mere expiry of trademark registration does not, by itself, justify removal from Register, and such removal must be preceded by strict compliance with mandatory requirement of issuing a Form O-3 notice: HC (See 'Legal Desk') GeM organises Session on 'Compliance with Law in Public Procurement' (See 'Corp Brief') MoSPI signs MoU with IICA to develop SDG Alignment Framework (See 'Corp Brief') India's emphasis on overflight in Indo-Pacific is not against any country: RM (See 'Corp Brief') FEMA - Inward remittances labelled 'grants' may be treated as capital account transactions if there are contingent liabilities or obligations that convert them into capital in substance: SAFEMA (See 'Legal Desk') Government intervention and Corporate governance (See CORP EINSICHT)

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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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