Andhra Pradesh State to get Rs.1,600 crore through Red sanders' auction
July 5, 2014 - Hyderabad
The Union Ministry of Environment and Forests, according to sources has permitted the State Government to sell 8,400 metric tonnes off red sanders through open auction.
The Union Government has also got the clearance from the International Union for Conservation of Nature since red sanders was on its endangered list. The State Government also obtained the mandatory permission from Director General of Foreign Trade.
It is expected that the State Government is expected to get Rs.1,600 crore by this auction. The auction will be conducted in two phases and the entire proceeds would be completed in a two or three months. The process will be initiated in the next coming few weeks. Andhra Pradesh is expected to get more than Rs.10 lakh per metric tonne. Earlier in 2008, the government was auctioned the red sanders.