National Aluminium Company ltd (NALCO), Hindustan Copper Ltd (HCL) and Mineral Exploration Corporation Ltd (MECL) have signed a pact to explore a joint venture formation.
"An MoU was signed today...Among NALCO, Hindustan Copper Limited and Mineral Exploration Corporation Ltd at Bhubaneswar to explore the possibility of forming a joint venture company," NALCO said in a BSE filing.
The JV will identify, explore, acquire, develop, process strategic minerals overseas and sale of these materials in India and any other countries for commercial use, the filing said.
The JV will be formed to supply strategic minerals to India to "meet the domestic requirement due to non- availability in the country and giving a big push to Make in India".
Shares of NALCO today closed at Rs 82.15 a unit, up 2.75 per cent as compared to the previous close on the BSE.
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