JV signed for Rs 450-cr sand mining project in Odisha

Project to be developed by two State-owned firms- IREL and IDCOL

Two State-owned firms- the Industrial Development Corporation of Odisha Ltd (IDCOL) and the Indian Rare Earths Ltd (IREL)- inked a joint venture (JV) agreement to explore beach sand minerals. 

The JV has been approved by the Niti Aayog and the Naveen Patnaik-led state government in Odisha. IREL would have 51 per cent equity, while the remaining would belong to the IDCOL.
 

IDCOL has already prepared the pre-feasibility report for the setting up of a mineral separation plant with an estimated cost of Rs 450 crore. The project has the potential to create employment for 400 people.

IDCOL has submitted applications