In a first, India to auction offshore mineral tranche worth $18 bn: Report

India will auction its first tranche of offshore minerals, which is worth more than 1.5 trillion rupees ($17.8 billion), a government source directly involved in the decision making told Reuters on Thursday.

A total of 13 blocks will be auctioned as part of the first tranche, including three for construction sand and another three for lime mud.

Seven out of the 13 blocks will be polymetallic nodules and have not been valued yet, the source said.

The source did not want to be identified as they are not authorised to speak to the media.

The federal mines ministry did not immediately respond to a Reuters email seeking comment.

The ministry is expected to shortly announce the details of the auction.