The Ministry of Mines has announced amendments to the Offshore Areas Mineral (Auction) Rules, 2024, in a notification dated May 14, 2025. These amendments aim to expand the eligibility criteria for companies participating in offshore mineral auctions. These amended rules have come into force from May 14, 2025.
The key change, outlined in the Offshore Areas Mineral (Auction) Amendment Rules, 2025, modifies the Explanation within Schedule I of the principal rules. Specifically, it pertains to the consideration of net worth for applicant companies that are subsidiaries.
Previously, the rules addressed situations where an applicant was a subsidiary company. The amendment now explicitly states that “if an applicant is a subsidiary company, the net worth of the holding company of such subsidiary company may also be considered and the holding company may be incorporated in India or outside India.”
This substitution broadens the financial eligibility for subsidiary companies participating in offshore mineral auctions. By allowing the net worth of the parent or holding company to be taken into account, regardless of whether the holding company is based in India or overseas, the Ministry of Mines is potentially opening up the auction process to a wider pool of bidders.
