The Assam government on Thursday signed a Memorandum of Understanding (MoU) with State Bank of India (SBI) Capital Markets with an aim to use the the expertise of public sector capital market player in auctioning process of the state’s limestone and iron-ore blocks.

From the state government side, the MoU was signed by Directorate of Geology and Mining.

Taking to Twitter, Chief Minister Himanta Biswa Sarma wrote, "Happy to announce the signing of an MoU b/w Directorate of Geology & Mining, Assam & SBI Capital Markets Ltd at Radisson Blu Hotel today which is aimed at using the expertise of public sector capital market player in auctioning process of the state's limestone & iron-ore blocks."

Earlier today, Chief Minister Himanta Biswa Sarma had a discussion with PSU representatives and business leaders on issues concerning industrial expansion and fresh investments in the state.

He appreciated their suggestions and expressed our commitment to creating a conducive environment to transform Assam into a developed state.

“Revenue generation from limestone and iron-ore block auctioning process is pegged to reach a total of Rs. 43,850 cr and Rs. 1,850 cr respectively in 50-years. Apart from employment generation, it will lead to greater expansion of limestone, iron, steel and cement industries in the state,” he said.