Industry opposes GoM decision on mining stake
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12/08/2010
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Business Standard (New Delhi)
Sreelatha Menon & Ishita Ayan Dutt / New Delhi August 13, 2010, 3:15 IST
The industry believes that the regulations will be a severe setback, and promoters will not accept the terms
The recommendations of a Group of Ministers asking mining companies to either share 26 per cent equity or profits (after tax) with the locals and tribals, has sent ripples through boardrooms.
The equity sharing proviso, which had already been opposed fiercely by the industry, especially chamber Ficci, had prompted the Centre to consider scrapping it.
Now, land rights groups are asking how the recommendations could possibly be rolled out and the industry believes that the regulations will be a severe setback.
The industry believes that the regulations will be a severe setback, and promoters will not accept the terms
The recommendations of a Group of Ministers asking mining companies to either share 26 per cent equity or profits (after tax) with the locals and tribals, has sent ripples through boardrooms.
The equity sharing proviso, which had already been opposed fiercely by the industry, especially chamber Ficci, had prompted the Centre to consider scrapping it.
Now, land rights groups are asking how the recommendations could possibly be rolled out and the industry believes that the regulations will be a severe setback.