Nalco, MECL, HCL forge joint venture company to hunt mine assets abroad

The JV company has the mandate for acquisition, exploration & processing of strategic minerals abroad for commercial use and for supplying to meet the domestic requirement

Three central public sector enterprises (CPSEs) -- National Aluminium Company (Nalco), Hindustan Copper Ltd (HCL) and Mineral Exploration Corporation Ltd (MECL) have formally signed the joint venture (JV) agreement to form Khanij Bidesh India Ltd (KABIL).

The JV company has the mandate for acquisition, exploration & processing of strategic minerals abroad for commercial use and for supplying these minerals to meet the domestic requirement.

The JV agreement among the three stakeholders was signed by Tapan Kumar Chand, chairman cum managing director (CMD), Nalco, Santosh Sharma, CMD,  HCL and Ranjit Rath, CMD, MECL in the presence of Prahallad Joshi, Union Minister