Nalco JV KABIL begins hunt for lithium in Latin America, eyes acquisition

The firm is mandated to scout for and secure 12 mineral assets in which the country lacks ample reserves and has to bank on imports

Khanij Bidesh India Ltd (KABIL), a joint venture (JV) company floated by National Aluminium Company (Nalco), Mineral Exploration Corporation Ltd (MECL) and Hindustan Copper Ltd (HCL) has begun the hunt for lithium in Argentina, Brazil and Chile -- collectively called the ABC countries.

“The hunt for lithium is to fructify efforts for a possible acquisition. KABIL is mandated to scout for and secure 12 mineral assets overseas where the country lacks ample reserves and has to bank on imports,” said a source familiar with the development.

Nalco owns 40 per cent stake in KABIL, while MECL and HCL have 30 per cent