G Kishan Reddy Announces First-Ever Auction of Offshore Mineral Blocks

By A Staff Reporter

DELHI: Union Minister for Mines G Kishan Reddy marked a significant milestone with the launch of the first-ever tranche of the auction for mineral blocks in India’s offshore areas. Calling the initiative a historic moment, Reddy said, “This is historical... It's the first segment and historical initiative.”

Reddy emphasized the government’s forward-looking approach, announcing plans to involve the private sector in future exploration efforts. “In the days to come, we have decided to involve the private sector in exploration,” he stated, underlining the government’s commitment to unlocking India’s mineral potential.

The auction marks a key development in India's mining sector, with Reddy highlighting that all mines and minerals belong to the country, and the auction process will be based on an open and transparent tender system. “All the mines and minerals belong to the country and hence the tender to be allotted based on open auction,” he explained.

This move is expected to attract private investment in the mineral exploration sector, drive economic growth, and increase India’s self-reliance in mineral resources. The auction of offshore mineral blocks is set to further strengthen the country’s position in the global mining industry.