Essel Mining, a company owned by the Aditya Birla Group, has won the bid for the Bunder Diamond Mine in Chhattarpur district of Madhya Pradesh, which is estimated to have reserves of about 34 million carats, according to media reports. The company will acquire the mining rights under a 50-year lease from the government.

The Bunder diamond mine was initially developed by Rio Tinto about a decade ago. But the process of clearance and permissions was delayed for various reasons. Subsequently, the company decided to withdraw from the project and handed back the development to the government. No activity has been conducted on the site after that

The bidding process was conducted online and according to reports, five large industrial houses participated.

As per the terms, the highest bidder has now to deposit a sum of 10% of the performance guarantee amount and then it will receive the Letter of Intent to proceed.

The project is expected to provide jobs for locals and also bring in revenue to the coffers of the state government.