Nalco, HCL, MECL in Pact for Joint Venture | CORPORATE ETHOS

Nalco, HCL, MECL in Pact for Joint Venture

By: | September 20, 2017

Sep 20: 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)  – have teamed up to set up a joint venture (JV) company. The new company will be called Khanij Bidesh India Ltd (KABIL).

An agreement has been entered into 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 quanity.

The MoU was signed by the respective heads of the firms- T K Chand, chairman cum managing director (CMD), Nalco, Santosh Sharma, CMD at HCL and Gopal Dhawan, CMD of MECL.

According to Dr. T K Chand, the objective of the MoU is to identify, explore, acquire, develop and process strategic minerals overseas for commercial use and to meet the domestic requirements across the country. It will also give a boost to Centre’s Make in India drive as well.

“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 the chairmanship of CMD, Nalco to finalize the joint venture modalities and thereafter approval of the Ministry and Niti Aayog will be obtained,” Nalco sources said.