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Vedanta, Adani may bid for $9 bn Indian diamond project abandoned by Rio

Rio Tinto 'gifted' the Bunder deposit, about 500 km southeast of New Delhi to Madya Pradesh in February after saying last year that it was pulling out to conserve cash and cut costs

Reuters 

Indian resources conglomerates Adani and Vedanta are considering bidding for a $9 billion diamond project in the country that was abandoned by global miner Rio Tinto this year, according to multiple sources with knowledge of the matter. The central state of Madhya Pradesh was likely to invite bids in the first week of November to explore the deposit, which is estimated to hold around 32 million carats of diamonds, a senior state government official said. “We’re advertising only for that area in which (Rio Tinto) have prospected and established availability of ...

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First Published: Sat, October 28 2017. 01:47 IST
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