Vedanta emerges as preferred bidder for diamond block in MP

New Delhi, Feb 21 (PTI) Vedanta Ltd on Friday said it has been declared as preferred bidder for a diamond mine in Madhya Pradesh.

The company said it is the highest bidder with a final price offer of 1.10 per cent. "The company has been declared as 'Preferred Bidder' for the Kauhari Diamond Block," Vedanta said in a regulatory filing.

The mine is at G4 level of exploration with total area of 643.4169 hectares for the block.

The G4 stage of exploration is the reconnaissance stage, which involves identifying potential mineral deposits on a large scale. This stage is a grassroot exploration that involves systematic geological mapping and airborne geophysical surveys.

The grant of composite licence by government with regard to the said block will be subject to making of necessary payment of performance bank guarantee, completion of other terms and conditions of the tender document, obtaining of necessary approvals from various government departments and execution of necessary agreements, the company said.

The Madhya Pradesh government had invited tenders to participate in an auction for grant of composite licence in respect of the diamond block. The company had participated in the sale for grant of the composite license of the mine.

Vedanta is a leading global natural resources and technology conglomerate operating across India, South Africa, Liberia and Namibia. PTI SID HVA

Source: PTI