Lok Sabha passes bill to Tap India's Offshore Mineral Resources fairly

03 Aug 2023 CW Team

Mines Minister Prahlad Joshi, while introducing the Bill, expressed his belief that it would resolve the on-going challenges in the sector.

The primary objectives of the Bill, as stated in its statement of objects and reasons, are to empower the central government to formulate rules for conserving and systematically developing minerals in offshore regions. Additionally, it strives to protect the environment by preventing and controlling pollution resulting from exploration or production activities.

Minister Joshi emphasised the urgency of introducing an auction-based method for allocating operating rights in offshore areas, ensuring a transparent and non-discretionary process for their allocation.

Moreover, the Bill proposes the establishment of an Offshore Areas Mineral Trust, similar to the District Mineral Fund, which will maintain a non-lapsable fund in the public account of India. This fund's purpose is to ensure sufficient financial resources for exploration, mitigating adverse impacts of offshore mining, disaster relief, research, and initiatives for the welfare of people affected by exploration or production operations.

Under this legislation, production leases will be granted to the private sector exclusively through auction, while operating rights in mineral-bearing areas can be allocated to public sector entities through a nomination process without competitive bidding.

Furthermore, the Bill introduces a composite license, a two-stage operating right that allows exploration followed by production operations. These composite licenses will also be granted only through auction by competitive bidding for the private sector.

Regarding atomic minerals, the grant of exploration licenses or production leases will be restricted to public sector entities exclusively.

Lok Sabha approved a Bill aimed at facilitating the tapping of India's offshore mineral resources. This amendment bill, associated with the Offshore Areas Mineral (Development and Regulation) Act of 2002, aims to establish a transparent and equitable mechanism for allocating operating rights to those involved in offshore mineral extraction.Mines Minister Prahlad Joshi, while introducing the Bill, expressed his belief that it would resolve the on-going challenges in the sector.The primary objectives of the Bill, as stated in its statement of objects and reasons, are to empower the central government to formulate rules for conserving and systematically developing minerals in offshore regions. Additionally, it strives to protect the environment by preventing and controlling pollution resulting from exploration or production activities.Minister Joshi emphasised the urgency of introducing an auction-based method for allocating operating rights in offshore areas, ensuring a transparent and non-discretionary process for their allocation.Moreover, the Bill proposes the establishment of an Offshore Areas Mineral Trust, similar to the District Mineral Fund, which will maintain a non-lapsable fund in the public account of India. This fund's purpose is to ensure sufficient financial resources for exploration, mitigating adverse impacts of offshore mining, disaster relief, research, and initiatives for the welfare of people affected by exploration or production operations.Under this legislation, production leases will be granted to the private sector exclusively through auction, while operating rights in mineral-bearing areas can be allocated to public sector entities through a nomination process without competitive bidding.Furthermore, the Bill introduces a composite license, a two-stage operating right that allows exploration followed by production operations. These composite licenses will also be granted only through auction by competitive bidding for the private sector.Regarding atomic minerals, the grant of exploration licenses or production leases will be restricted to public sector entities exclusively.

Infrastructure Urban

30 May 2026

Panasonic Showcases Connected Display Solutions

Panasonic Life Solutions India showcased its integrated display, projection, broadcast and communication technologies at Panasonic Tech Summit 2026 in New Delhi. Hosted through its System Solutions Division, the two-day event highlighted connected technology solutions for education, healthcare, retail, transportation, corporate offices and entertainment.The summit, themed ‘Turning Technology into Value’, featured experience-led zones covering QSR, retail, transit, corporate offices, healthcare, education, security, projection, home theatre and professional displays. Panasonic also introduc..

Infrastructure Transport

30 May 2026

Kapsch to Deliver India’s First C-ITS Project

"Kapsch TrafficCom will deliver India’s first Cooperative Intelligent Transport Systems project on a key expressway near New Delhi. The project will be implemented with Superwave Communication And Infrasolution Limited to demonstrate how connected mobility can improve road safety and traffic efficiency.The pilot will use real-time connectivity and AI-enabled situational awareness to support road users, especially in high-risk areas such as temporary work zones. Drivers will receive alerts on roadworks, maintenance vehicles, hazardous locations, traffic queues and temporary virtual signage di..

Infrastructure Urban

30 May 2026

Eurobond Net Profit Rises 44 Per Cent

Euro Panel Products, the parent company of Eurobond, reported a 44.13 per cent year-on-year rise in net profit for FY25–26. The company’s revenue from operations grew 18.91 per cent to Rs 503.20 crore, compared to Rs 423.18 crore in the previous financial year.The company’s full-year EBITDA stood at Rs 56.67 crore, marking a 31.82 per cent increase. Profit after tax rose to Rs 26.56 crore, while net worth increased 20.15 per cent to Rs 160.07 crore. Earnings per share for the year stood at Rs 10.84.Divyam Rajesh Shah, Whole Time Director and CFO, Euro Panel Products, said the company’s..