Cabinet approves extension of contract between India, International Seabed Authority
The earlier contract is expiring on Mar 24,2017.
"By extending the contract, India's exclusive rights for exploration of Polymetallic Nodules in the allotted Area in the Central Indian Ocean Basin will continue and would open up new opportunities for resources of commercial and strategic value in area beyond national jurisdiction," read a government statement.
Further, it would provide strategic importance for India in terms of enhanced presence in Indian Ocean where other international: players are also active.
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