August 14, 2022


Beyond Automotive

Auction of silica sand fetches APMDC Rs 3.16 crore- The New Indian Express

2 min read

Express News Services

VIJAYAWADA: The reforms initiated in the Mines and Geology Office to get more revenue has begun yielding results. The Andhra Pradesh Mineral Improvement Company (APMDC) has gained a report income of Rs 3.16 crore via e-auction of silica sand in Chillakur mandal of Nellore district. 

Silica sand is the most chosen product in glass market. The APMDC  had invited bids for silica sand mining in 6 hectares. 5 firms participated in the bidding. The bidding which commenced at Rs 1.60 crore, touched a record large of Rs 3.16 crore. Smarco Industries received the bid.

Informing that the State federal government utilised to give lease of mines on first appear to start with served foundation, an formal of the Mines and Geology Office stated mines utilised to be offered on lease to these who filed apps 1st at a fastened price tag. As the cost was much too lower, there had been occasions of leaseholders not having up any mining functions for many a long time, breaching the revenue to the authorities.

Hence, the federal government has occur up with various reforms. Aside from the Rs 3.16 crore, the authorities will get additional income through silica sand mining once the bidder commences mining exercise. Director of Mines and Geology VG Venkata Reddy stated by conducting the e-auction of silica sand for the to start with time in a clear method, the section has succeeded in creating a lot more income to the exchequer.

Talking to TNIE, Venkata Reddy said before they applied to get Rs 3.5 lakh per hectare in the absence of auction. “But this time about, we modified the coverage and rolled out the auction process to really encourage competitiveness thereby creating extra income to the exchequer,” he reported, incorporating that their attempts have yielded the sought after benefits. © All rights reserved. | Newsphere by AF themes.