India invites foreign investment in mining

Minister of state for commerce and industry Ashwini Kumar has invited global mining companies to invest in India, pointing out that a liberal policy had been formulated to facilitate the flow of overseas capital in the sector.

In his address to the chief executives of some of the largest global mining companies at the annual meeting of the World Economic Forum (WEF) in Davos, Kumar said a long-term iron ore exploration and export policy was also being framed to draw investments.

The participants at the meeting included top executives of Alcoa of the US, Alcan of Canada, Arcelor-Mittal Steel and Anglo-American of Britain, Severstal of Russia, Africa Rainbow Minerals of South Africa and the De Beers Group.

Kumar also underlined the importance of formulating a comprehensive strategy for the mining industry that will factor in environmental concerns and imperatives of resettlement of displaced persons.