Vedanta Secures Preferred Bidder Status for Madhya Pradesh Diamond Mine

Vedanta Ltd has been named the preferred bidder for the Kauhari Diamond Block in Madhya Pradesh. The mine, at G4 exploration stage, covers 643 hectares. Vedanta must fulfill conditions like performance guarantees and approvals before securing the composite licence.

Vedanta Ltd announced on Friday that it has emerged as the preferred bidder for a diamond mine located in Madhya Pradesh. This marks a significant milestone for the company, asserting its position as the highest bidder with an offer of 1.10 percent.

The diamond mine, termed the Kauhari Diamond Block, is currently in the G4 stage of exploration, which is considered the reconnaissance stage. This involves large-scale identification of potential mineral deposits through systematic geological mapping and airborne geophysical surveys over an area spanning 643 hectares.

Acquiring the composite licence will require Vedanta to meet several conditions, including the payment of a performance bank guarantee, fulfillment of tender documents, obtaining necessary governmental approvals, and finalizing essential agreements. The Madhya Pradesh government had previously initiated a tender process for the mine's auction, which Vedanta successfully entered to secure its status.

(With inputs from agencies.)