Lok Sabha takes up bill to amend mines and minerals act

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New Delhi, March 16 (IANS) The Lok Sabha on Wednesday took up for discussion a bill that seeks to amend the mines and minerals act to allow transfer of captive mining leases not granted through auction.

Moving the Mines and Minerals (Development and Regulation) Amendment Bill, 2016 for passage, Mines and Steel Minister Narendra Singh Tomar said the government had got representations to allow transfer of captive mining leases not granted through auction.

The cabinet had last week given its approval to the amendment.

Transfer of captive mining leases, not granted through auction, would allow mergers and acquisitions of companies and facilitate ease of doing business for companies to improve profitability, he said.

The transfer provisions will also facilitate banks and financial institutions to liquidate stressed assets where a company or its captive mining lease is mortgaged, he added.

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