NALCO,HCL and MECL sign MoU to set up a joint venture- Khanji Bidesh India Ltd.

19 September,Bhubaneswar


Three Central Public sector undertakings under the administrative control of Ministry of Mines today signed a MoU to set up a joint venture company namely Khanji Bidesh India Ltd.

The CMD of three company- NALCO, HCL and MECL signed the MoU at the Nalco corporate office here to make the country self-reliant in the areas of 12 strategic minerals that are either not available in the country or not available in the desired quantity.

NALCO CMD Tapan Kumar Chand, HCL CMD Santosh Sharma and MECL CMD Gopal Dhawan signed the MoU in presence of senior officials of the three PSUs. According to Chand the objective of the MoU is to set up a Joint VentureCompany namely Khanij Bidesh India Ltd (KABIL) to identify, explore, acquire, develop and process the strategic minerals overseas for commercial use and for supplying to India to meet the domestic requirements. The agreement will give a boost to Make in India drive of the Centre.

Accordingly, a task force under the chairmanship of Director (P&T), NALCO has been formed to finalize a draft Joint Venture 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 Ministry and Niti Aayog will be obtained, Nalco sources said.

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