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State miner NMDC may bid for $9 bn diamond project in Madhya Pradesh

The Bunder deposit, which is estimated to hold around 32 million carats of diamonds, was abandoned by global miner Rio Tinto earlier this year

Reuters  |  New Delhi 

India's state-owned miner NMDC Ltd plans to bid for a $9 billion diamond project in Madhya Pradesh, three sources directly involved with the plan told Reuters, competing against resources conglomerates Adani and Vedanta. NMDC plans to shortly send a team to Bhopal for talks with state authorities, one of the sources said. "We initially wanted the central government to directly give us the mine through nomination but it was turned down," another of the sources said, adding that the government wanted the mine to be sold via auction due to the large amount of ...

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First Published: Tue, November 07 2017. 13:39 IST