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Three granite firms may lose lease
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Three granite firms may lose lease
Termination of agreements likely

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Three granite firms may lose lease

Termination of agreements likely


The Andhra Pradesh Mineral Development Corporation is planning to terminate the lease agreement of three companies excavating galaxy granite at Chimakurthi under a joint venture on the plea that they had not started processing units till now, violating the terms of the agreement. APMDC Managing Director Praveen Prakash said on Saturday that show-cause notices were issued to three companies 15 days ago seeking their explanation in three months.

The Managing Director pointed out that nearly 60 units had been mining galaxy granite at Chimakurthi for the last 20 years. But most of the stone was being exported as raw material for want of processing and polishing facilities locally. So APMDC entered into an agreement with the three companies to extract the stone in 150 acres at Chimakurthi under a joint venture.

The licenses are required to pay royalty to the government and an equal amount to the corporation and pay fifty percent of royalty for local area development. More importantly, they are required to develop processing units either at Chimakurti or in the nearby districts in two to three years. The core strength of the joint ventures was to give value addition in a bid to promote industrialization and create more employment opportunities locally.

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