State-run PSUs sign MoU to form Khanij Bidesh India Ltd

KOLKATA: National Aluminium Company (Nalco) , Hindustan Copper ( HCL)and MECL, three state-run PSUs, have signed an MoU to form a joint venture --
Khanij Bidesh India Ltd (Kabil).

The proposed JV will identify, explore, acquire, develop and process strategic minerals overseas for commercial use and to meet domestic supply needs.

The JV will deal in 12 strategic minerals that are either not available in the country or the quantity available is lower than requirement.

To take it forward, a task force under the chairmanship of Director (P&T), NALCO has been formed to finalize a draft JV agreement by second week of November. The Committee of CMD’s will meet in third week of November under chairmanship of CMD, NALCO to finalize the Joint Venture modalities and thereafter approval of Mines Ministry and Niti Aayog will be obtained, an official statement issued on Tuesday said.

Tapan Kumar Chand, CMD, NALCO, Santosh Sharma, CMD, HCL and Gopal Dhawan, CMD MECL signed the MoU in Bhubaneswar.

Speaking on the occasion, Tapan Kumar Chand said the proposed new jv will boost the Make in India drive of government of India.