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India amends mining law in boost to cement mergers and banks


By Sankalp Phartiyal and Devidutta TripathyNEW DELHI/MUMBAI (Reuters) - The Rajya Sabha on Monday approved an amendment to the mining law, allowing the transfer of mines from sellers to buyers in a victory for the State Bank of India (SBI) that had lobbied for the change.Under pressure to cut corporate bad debts of more than $120 billion, lenders including SBI have been trying to forge tie-ups between distressed cement, steel and power companies and those that are in better shape.The amendment to the Mines and Mineral Development and Regulation Act, requested by SBI some three months ago, has ...

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First Published: Mon, May 02 2016. 19:05 IST