Nalco, MECL, HCL boards approve JV project, to be named Kabil

JV company to acquire and develop strategic minerals overseas

The boards of three central public sector undertakings (CPSEs) have approved the proposal to form a joint venture (JV) company. National Aluminium Company (Nalco), Mineral Exploration Corporation Ltd (MECL) and Hindustan Copper Ltd (HCL) would forge the JV firm.

In the JV company to be titled 'Khanij Bidesh India Ltd' (KABIL), Nalco would have an equity of 34 per cent. Both MECL and HCL's shareholding is pegged at 33 per cent each.

"The boards of the three companies have approved the formation of the JV. Now, with the approval of the government, the paid up capital of the JV and