The ministry of mines has proposed to allow transfer of letter of intent (LoI) handed out to a bidder even before prospecting or mining leases are granted, to the firm which acquires it later through the insolvency route.
The Minerals (Other than Atomic and Hydro Carbons Energy Mineral) Concession Rules, 2016, provide a provision for transfer of mining lease or prospecting licence-cum-mining lease granted through an auction route.
