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HCL, NALCO & MECL form KABIL JV

Metal News - Published on Tue, 13 Aug 2019

Image Source: nalcoindia.com
Hindustan Copper Limited has signed a Joint Venture Agreement with National Aluminum Company Ltd and Mineral Exploration Company Ltd for constituting a JV company namely Khanij Bidesh India Ltd. The equity participation among NALCO, HCL and MECL is in the ratio of 40:30:30. The Authorized Capital of the JV Company is INR 100 crore. The objective of the JV Company is to secure the strategic mineral interests of the Country. At present, there are strategic minerals like Tin, Cobalt, Lithium, Germanium, Gallium, Indium, Beryllium, Niobium Tantalum, Tungsten, Bismuth, Selenium etc that are either not available in the country or not available in the desired quantity. The company is set up for identification, acquisition, exploration, development, mining and processing of strategic minerals overseas for commercial use and meeting country’s requirement for these minerals.

The new company will help in building partnerships with other mineral rich countries like Australia and those in Africa and South America, where Indian expertise in exploration and mineral processing will be mutually beneficial and bring new economic opportunities. The three CPSEs will also be benefited from the JV and will make a mark at the global stage.

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Posted By : Rabi Wangkhem on Tue, 13 Aug 2019
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