SRINAGAR, OCTOBER 20- Minister of State for Industries and Commerce Mr. Sajjad Ahmad Kichloo today stressed the need for accelerating the pace of process of proposed mega Sapphire project under Joint Venture mode in Padder area of Kishtwar district of Jammu region.
The Minister was addressing a special meeting of Board of Directors of Jammu and Kashmir Minerals convened here today to review and discuss Joint venture structuring option report submitted by the transaction advisor regarding the project.
Financial Commissioner, Industries and Commerce Mr. Khurshid Ahmed Ganai, was also present in the meeting.
The meeting discussed threadbare various aspects of the report and decided to constitute a subcommittee for ascertaining technicalities of the project. The meeting also decided to hold another meeting of Board of Directors on 27th of this month.
The Managing Director Jammu and Kashmir Minerals Limited Mr. Abid Suhail gave detailed report of the project especially regarding Bidders and Lease period. He also informed the meeting that J&K Minerals Lts. has already appointed Mazars Advisory Pvt. Ltd as transaction advisor for assisting JK Minerals in carrying out the bid process management for selection of Joint Venture Partner for survey, exploration, evaluation and subsequent exploitation and marketing of sapphire / corundum and other precious stone in Padder area of district Kishtwar.
Among others Director General Budgets, Accounts and Treasuries, Director Zoology and Mining and other senior officers were present in the meeting.
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