Plan to set up JVC with 51% and 49% share holding for MOIL and GMDC respectively
MOIL had signed Memorandum of Understanding (MoU) in January' 2019 with Gujarat Mineral Development Corporation (GMDC), an undertaking of Government of Gujarat, to take up project of joint exploration of manganese bearing areas, exploring its feasibility and to conduct mining operations as well as to set up value addition plant in joint venture in Gujarat.Going ahead in the matter, MOIL today signed a detailed MoU with GMDC for joint exploration, etc., to take up the above project. JVC will have shareholding pattern of 51% and 49% for MOIL and GMDC respectively.
Both entities also signed MoU with Mineral Exploration Corporation (MECL), a Miniratna Category-I CPSE under the Ministry of Mines, Government of India for exploration related activities to be carried out in the manganese mineral acreage to establish resources/reserves.
Based on results of exploration and feasibility of mining ascertained after exploration activities, decision to go ahead with mine development, mining activities and establishment of downstream derivative plants with an expected investment of Rs. 250 crores shall be taken.
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