NALCO, HCL and MECL sign JV agreement

For acquisition of strategic mineral assets abroad

National Aluminium Company, Hindustan Copper and Mineral Exploration Corporation have signed the Joint Venture Agreement to form Khanij Bidesh India (KABIL), which has mandate for acquisition, exploration & processing of strategic minerals abroad for commercial use and for supplying to meet the domestic requirements.

It may be mentioned that the contribution of Equity proportion among NALCO, HCL and MECL will be in the ratio of 40%:30%:30% respectively.

Twelve strategic minerals have been identified and the initial focus will be on Lithium and Cobalt. Preliminary due-diligence of identified assets shall be initiated soon.

Earlier in Feb 2019, NITI Aayog had cleared the proposal to form the JVC by the three CPSEs to acquire minerals which are not available in India. It may be noted that KABIL will be amongst a handful of Companies in the Country for acquisition of mineral assets abroad.

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