Indian mining industry seeks SPV route for speedier auction of new mineral blocks

Indian industry representative bodies have requested that states first secure all regulatory approvals, such as environmental, forest and surface rights, for mineral assets, put into special purpose vehicle (SPVs), that go up for auction. The industry bodies argue that such a process will shorten the gestation period between securing a mineral asset at the auction and bringing it into operation. At the same time, it will also ensure higher levels of investment in mineral block exploration.