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New Delhi, Nov. 4 The Government proposes to allow 100 per cent foreign direct investment (FDI) in mining and mineral separation of titanium bearing minerals and ores.

The proposal is also applicable to the value-addition and integrated activities subject to regulations.

The proposal has been finalised by the Department of Industrial Policy and Promotion and is likely to be presented to the Union Cabinet soon.

“The companies will be allowed 100 per cent FDI for mineral separation only if the value-addition facilities are set up within the country, along with the transfer of technology,” an official said.

Companies also have to follow the disposal of tailing during the mineral separation in accordance with the regulations framed by the Atomic Energy Regulatory Board.

The present policy is governed by the Beach Sand Minerals Policy of the Department of Atomic Energy since limonite, the titanium bearing mineral, was included as an atomic mineral.

As per the existing FDI rules, up to 74 per cent is permitted in pure value-addition and integrated activities.

This is permitted provided the level of value-addition is maximum as per the prevailing international levels of value addition to the products of mining.

“The current FDI is permitted with the condition that they should bring in a Central or State public sector undertaking, which should hold the other 26 per cent with the prior approval of the Government,” the official added.

More Stories on : Foreign Direct Investment | Policy | Minerals

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