Published in:
Business Standard
Pubished on:
6 Mar 2016
The big ticket acquisitions in the cement sector, announced recently by UltraTech, Reliance Cement and the imminent sale by Lafarge, will depend on a crucial amendment to the law on transfer of mines.
At present, the Mines & Minerals (Development and Regulation) Act, 2015, or the MMDR Act, does not allow the transfer of limestone mines to new owners of cement companies — unless the mines were granted through auctions.
The companies have appealed to the government to allow the transfer of mines, and are expecting an amendment to the Act in the ongoing Budget session of Parliament.