The government of the eastern Indian state of Bihar has commenced the process of auction of iron ore blocks in the state, officials said on Monday, January 16.
Though details of the blocks have not been disclosed except for the fact that they are located in the Rohtas and Jamui districts, the official said that merchant bankers SBI Capital Markets Limited have been appointed by the state government to prepare terms and conditions of the auction.
The report to be prepared and submitted by SBI Capital Market will include demarcation and assessment of the iron ore blocks, the tender process, the fixing of the reserve price, and the eligibility criteria of bidders.
This will be the first time that iron ore blocks will be auctioned in Bihar, the officials said.
It may be noted that all operational iron ore mines in the region became part of Jharkhand state when the latter was carved out from Bihar into a separate state in 2000.