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Two State-owned firms- the Industrial Development Corporation of Odisha Ltd (IDCOL) and the Indian Rare Earths Ltd (IREL)- inked a joint venture (JV) agreement to explore beach sand minerals.
The JV has been approved by the Niti Aayog and the Naveen Patnaik-led state government in Odisha. IREL would have 51 per cent equity, while the remaining would belong to the IDCOL.
IDCOL has already prepared the pre-feasibility report for the setting up of a mineral separation plant with an estimated cost of Rs 450 crore. The project has the potential to create employment for 400 people.
IDCOL has submitted applications
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