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NALCO, HCL & MECL form JV Company to power India’s growth in acquisition of critical minerals from abroad

Bhubaneswar, 02.08.2019: The long-awaited dream to acquire strategic mineral assets abroad is all set to turn into reality as National Aluminium Company Ltd (NALCO), Hindustan Copper Ltd (HCL) and Mineral Exploration Corporation Ltd (MECL), the three CPSEs under Ministry of Mines, Government of India, signed the Joint Venture Agreement to form Khanij Bidesh India Limited (KABIL), which has mandate for acquisition, exploration & processing of strategic minerals abroad for commercial use and for supplying to meet the domestic requirements.

The Joint Venture Agreement amongst the three stakeholders was signed by Dr. Tapan Kumar Chand, CMD, NALCO, Shri Santosh Sharma, CMD, HCL and Dr. Ranjit Rath, CMD, MECL in the presence of Shri Prahallad Joshi, Honbl’e Union Minister for Mines, Coal & Parliamentary Affairs. Minister Shri Prahallad Joshi appreciated the efforts of NALCO and the other two PSUs and said that KABIL will ensure mineral security of the nation, and will help in realizing the overall objective of import substitution.

Shri Anil Mukim, Secretary of Mines, Govt. of India, Dr. K. Rajeswara Rao, Addl. Secretary, Mines, Shri Anil Kumar Nayak, Jt. Secy, Mines were also present on the occasion along with other senior officials of Ministry of Mines& Coal viz. Shri N. K. Singh, Shri Bipul Pathak, Shri Alok Chandra and Ms. Reena Sinha Puri.

It may be mentioned that the contribution of Equity proportion among NALCO, HCL and MECL will be in the ratio of 40%:30%:30% respectively.

Twelve strategic minerals have been identified and the initial focus will be on Lithium and Cobalt. Preliminary due-diligence of identified assets shall be initiated soon.

Earlier in Feb 2019, NITI Aayog had cleared the proposal to form the JVC by the three CPSEs to acquire minerals which are not available in India.

It may be noted that KABIL will be amongst a handful of Companies in the Country for acquisition of mineral assets abroad.

About Editor in chief

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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