Mineral (Auction) Amendment Rules, 2024
The centre has notified changes to the Mineral auction rules which cap the upfront payment at Rs 500 crore while also baring affiliates from bidding for the same block. Bids placed by affiliates of companies who have explored a block being auctioned will be made public to ensure a level playing field for other bidders. According to the Mineral (Auction) Amendment Rules, 2024, a bidder shall submit only one bid in an auction of a mineral block and no affiliate of a bidder shall submit another one in the same auction. An affiliate has been defined as a person (or company) controlled by another bidder in the auction.
