British mining major Rio Tinto will be investing Rs 370 crore, for exploration and mining of diamonds in Madhya Pradesh's Bunder town, over the next three years, a senior State Government official today said.

The Madhya Pradesh Government and Rio Tinto will be signing a Memorandum of Understanding (MoU) soon for the same, Madhya Pradesh's Additional Chief Secretary (Commerce,Industry and Employment) Satya Prakash told reporters on the sidelines of ASSOCHAM event here today.

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