The Association of Exploration Geophysicists (AEG), Hyderabad, since inception is actively engaged in providing a forum for the Earth scientists on one hand and the Geophysics industry on the other hand for the exchange of views and dissemination of state of the art know how and technology, by way of organising Annual Conventions, Seminars and Exhibitions of Exploration Geophysics. In the context of recently introduced policies of economic liberalisation, by the Government of India mineral industry is now open for global competition, several multi nationals have evinced keen interest in investment, exploration and exploitation of natural resources with joint ventures with Indian companies and Associations.

De Beers (India) is one such MNC interested in exploration of diamond, gold and other economic mineral deposits. Several state governments have come out with proposals for joint ventures and De Beers have responded in the field of exploration for diamonds. De Beers, as is expected to get concessional areas on its own in and around in parts of M.P., Orissa, A.P. and Karnataka.

The Fellowship was named after Prof.V.L.S. Bhimasankaram Award and was designated as De Beers-AEG Fellowship. Under the Fellowship, Dr.V. Babu Rao, a Retired Scientist of NGRI was selected as the first recipient of the Award and R & D project got started on August 15th, 2001. During the first year of the project Dr.Babu Rao analysed the geophysical evaluation of the Dharwar craton, later, he and Prof. S.Acharya, Professor of geology and former Vice-Chancellor of Utkal University have analysed the project on the geological and geophysical evaluation of the Bhandara and Singbhum cratons.

The project was concluded in May, 2004.