NALCO, HCL, MECL sign MoU to secure overseas minerals sources

India’s three Central Public sector undertakings under the administrative control of Ministry of Mines – National Aluminium Company Ltd (Nalco), Hindustan Copper Ltd (HCL) and Mineral Exploration Corporation Ltd (MECL) –signed an MoU on September 18, 2017, to make the country self-reliant in the areas of 12 strategic minerals that are either not available in the country or are scarce in the country. Dr. Tapan Kumar Chand, CMD, NALCO, Shri Santosh Sharma, CMD, HCL and Dr. Gopal Dhawan, CMD MECL- the three respective heads of the companies signed the MoU at NALCO's Corporate Office in Bhubaneswar on Monday.

The companies also agreed to set up a joint venture (JV) company to be named as Khanij Bidesh India Ltd (KABIL).

Speaking on the occasion, Dr. Tapan Kumar Chand said: "The objective of the MoU is to set up a Joint Venture 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."

Accordingly, a task force has been formed under the chairmanship of Director (P&T), NALCO that would finalize a draft JV agreement by 2nd week of November. The Committee of CMD's will meet in 3rd week of November under chairmanship of CMD, NALCO to finalize the JV modalities. After that the approval of Ministry and Niti Aayog will be obtained, NALCO officials confirmed.