Parliament paves way for transfer of previously allotted captive non-coal mines

NEW DELHI: Parliament on Monday cleared amendments to MMDR Act to enable transfer of previously allotted captive non-coal mines.

This clears the way for big acquisitions in cement and mines sector. Acquisition of Jaiprakash Associates Ltd's cement assets in Madhya Pradesh by Ultratech Cement and sale of Lafarge's two cement plants by Birla Corp have been stuck as the attached limestone mines cannot change hands.

The Mines and Mineral Development and Regulation Act amended in March last year barred transfer of mining leases of allotted mines affecting two big acquisitions.

The Act, however, allows transfer of mining leases of mines that were auctioned.