New Delhi, July 9 (UNI): Foreign Investment Promotion Board (FIPB) has so far approved a total FDI of Rs 4044 crore from 20 countries in the mining sector while subsidiaries of 18 major international mining companies have registered their presence in the country since 1993.
After all non-fuel and non-atomic minerals were thrown open for exploration and exploitation by the private sector, FIPB had issued 165 Reconnaissance permits having an area of 2,19,665 sq km in ten states and granted 73 FDI approvals to investors, Minister of State for Coal and Mines Dasari Narayana Rao said in a written answer in the Lok Sabha today.
He said the reason for opening up the mining sector for private sector was to attract private sector investment and induct foreign technology and foreign equity participation in explorationand mining for important minerals.
The move, Dr.Rao said, had received positive response from the global mining community.
The non-fuel and non-atomic sector had received large investment from the private sector, which was contributing substantially to the development of the mineral sector in the country, he said.
