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Exploration Of Critical Minerals In Northeast Among The Main Priorities: G Kishan Reddy

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Exploration Of Critical Minerals In Northeast Among The Main Priorities: G Kishan Reddy


New Delhi: Union Minister of Coal and Mines, G Kishan Reddy, on Monday said that exploration of critical minerals in Northeast India is the main agenda of the government, among other activities.

 

Speaking to the reporters during the inauguration of the Namchik-Namphuk Coal Mine in Changlang district of Arunachal Pradesh today, the Minister said, “We want to develop the Northeast in every sector. Currently, coal-based activities are ongoing in Assam, and in the coming days, we will accelerate exploration activities in Mizoram and other states.”

 

“Additionally, there are significant reserves of critical minerals in neighbouring countries. Since major coal-related activities are happening in those countries, it indicates that the areas of our country bordering them may also have reserves of coal and critical minerals. Therefore, exploring these reserves, developing the region, providing employment to the local population, and boosting economic activity in the area is our main agenda,” the Minister said.

 

Critical minerals are essential resources for a nation’s economic development, national security, and modern technologies, including renewable energy, advanced manufacturing, and digital infrastructure. They are defined by their importance, not their scarcity, but they pose supply chain risks due to limited availability in certain geographic locations and complex global extraction and processing chains.

 

The much-anticipated exploration project, being developed by the Mahalaxmi Group, is expected to generate an estimated Rs 4,500 crore in revenue for the Arunachal Pradesh government, said Union Coal Minister Reddy along with Arunachal Pradesh Chief Minister Pema Khandu in a joint media briefing during the inauguration.

 

Reddy said the inauguration would mark a “new era of trust, transparency, and transformation” in the region’s mining sector.

 

“This is not just a mining project. It is a symbol of trust, transparency, and transformation for the people of Arunachal Pradesh. We are bringing sustainable, scientific, and legal mining practices to a region that holds immense potential,” the union minister said ahead of the event.

 

Chief Minister Khandu said the project would be a major driver of industrial growth and employment in the state.

 

“This initiative will not only boost revenue but also bring in skill development, infrastructure, and long-term employment for our youth. We are proud to be part of India’s growth journey,” he said.

 

The Namchik Namphuk coal block, with reserves of 1.5 crore tonnes, was first allocated in 2003 but faced long delays and stoppages due to various challenges. It was revived through a transparent auction process in 2022, opening the doors for private sector entry and marking the end of years of delays.

 

This initiative carries forward the vision of EAST – Empower, Act, Strengthen, Transform – a guiding philosophy for every initiative in the Northeast. With this development, Arunachal Pradesh joins india’s coal journey, the world’s second-largest coal producer, which crossed a record 1 billion tonnes of production last year.

 

According to the estimate of coal ministry, mine is expected to generate over Rs 100 crore annually as revenue for the state, creating jobs and prosperity for youth.

 

 

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Warburg to list housing finance company purchased from Shriram – The Times of India

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Warburg to list housing finance company purchased from Shriram – The Times of India


Mumbai: Warburg Pincus-backed housing finance company Truhome Finance ( formerly Shriram Housing) has filed draft papers with capital markets regulator SEBI to raise Rs 3,000 crore through an initial public offering.The IPO will comprise a fresh issue of equity shares of face value Rs 10 aggregating up to Rs 1,500 crore and an offer for sale of equity shares of face value Rs 10 aggregating up to Rs 1,500 crore, according to the draft red herring prospectus filed with SEBI. The offer for sale will be undertaken by promoter selling shareholder Mango Crest Investment, which plans to offload shares worth up to Rs 1,500 crore.Truhome Finance plans to use the net proceeds from the fresh issue to augment its capital base to support future capital requirements, including onward lending and general corporate purposes. The funds will also help the company comply with RBI’s capital adequacy norms as its business expands.The company said the proceeds are expected to be deployed over the financial years ending March 31, 2027 and March 31, 2028.JM Financial, IIFL Capital Services, Jefferies India and Kotak Mahindra Capital Company are the book running lead managers to the issue.Warburg Pincus completed its acquisition of Shriram Housing Finance (SHFL) from Shriram Finance and other sellers in December 2024 for approximately Rs 4,630 crore, marking a strategic shift in India’s housing finance sector.



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Ticketmaster parent Live Nation reaches settlement with Department of Justice over antitrust concerns

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Ticketmaster parent Live Nation reaches settlement with Department of Justice over antitrust concerns


Signs are seen at the Live Nation NYC headquarters on May 23, 2024 in New York City. 

Michael M. Santiago | Getty Images

Live Nation Entertainment has reached a settlement with the Department of Justice over antitrust concerns surrounding its Ticketmaster platform, a senior DOJ official said Monday.

The settlement would see Ticketmaster unwind some of its exclusivity agreements with musical artists and open up the ticketing industry to greater competition. It still needs approval by more than 20 states that had filed suit and by the court.

As part of the settlement, Ticketmaster will offer a standalone third-party ticketing system for other companies like SeatGeek to use its technology. Live Nation has also agreed to divest at least 13 of its amphitheaters and will no longer be able to require artists to use other Live Nation products tied to its venues. It has also agreed to pay roughly $280 million in civil penalties.

Shares of Live Nation rose 5% in morning trading. Live Nation and Ticketmaster did not immediately respond to requests for comment.

Ticketmaster has long faced criticism that its dominance in the live events and ticketing space pushes up prices for consumers. The company has come under heightened scrutiny in recent years from fans who argue that it’s become harder and pricier to snag coveted event tickets.

In 2022, the backlash boiled over when the rollout of tickets for Taylor Swift’s Eras Tour was mishandled, leading to a probe of the company. And in 2024, the DOJ — along with more than two dozen states — sued to break up Live Nation and Ticketmaster, which merged in 2010.

In September, Live Nation was separately sued by the Federal Trade Commission over what the agency called “illegal” ticket resale tactics. The FTC said Ticketmaster controls roughly 80% of major concert venues’ ticketing.

In a Monday statement, New York Attorney General Letitia James said her office would continue to fight against Live Nation’s alleged monopoly even after its agreement with the DOJ.

“The settlement recently announced with the U.S. Department of Justice fails to address the monopoly at the center of this case, and would benefit Live Nation at the expense of consumers. We cannot agree to it,” said James, who is joined by the attorneys general of more than 20 other states.

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How the Iran war may affect your bills and finances

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How the Iran war may affect your bills and finances



The conflict in the Middle East could raise the cost of petrol, household energy bills and even food.



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