India: NALCO to Explore Overseas Mineral Assets with HCL, MECL

Aluminium major National Aluminium Company Ltd (NALCO) signed pacts with two more central PSUs- Hindustan Copper Ltd (HCL) and Mineral Exploration Corporation Ltd (MECL). The three central PSUs inked a memorandum of understanding (MoU) on Tuesday with the objective of making the country self-reliant in the areas of 12 strategic minerals that are either not available in the country or not available in optimum quantity.

The MoU was signed by Mr T K Chand, Chairman cum Managing Director (CMD), NALCO, Mr. Santosh Sharma, CMD at HCL and Gopal Dhawan, CMD of MECL.

“The objective of the MoU is to set up a joint venture (JV) company 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 due to its non-availability in the country and giving a boost to Make in India drive of the Government of India.”

A task force chaired by director (projects) of NALCO has been formed to put up a draft JV agreement by the second week of November. The three CMDs are scheduled to meet again towards the third week of November to finalise the modalities of the JV pact.