NALCO JV KABIL inks MoU with Oil India

National Aluminium Company (NALCO) announced that a memorandum of understanding (MoU) was signed between its joint venture, Khanij Bidesh India (KABIL) and Oil India for collaboration in projects and exploration.

KABIL, is a joint venture company of the three Government enterprises i.e. NALCO, Hindustan Copper (HCL) and Mineral Exploration & Consultancy (MECL), under the aegis of Ministry of Mines, Government of India.

The MoU has been signed with the objective to collaborate, in existing and future projects of KABIL with the aim of strengthening and fostering connections in the exploration and exploitation of critical minerals.

The collaborative efforts and joint initiatives would be directed towards finding international critical mineral opportunities, comprehensive due-diligence of potential critical mineral opportunities and to co-invest in potential critical mineral projects, said the company.

 

Shri Sridhar Patra, CMD, NALCO and chairman, KABIL said, This MoU opens a new chapter in the progress of KABIL, because the strengths of KABIL and OIL will synergise for opening new vistas in critical minerals exploration and exploitation in the country and abroad thereby taking a step forward in our journey of Atma Nirbhar Bharat and mineral securitization of the nation.

National Aluminium Company (NALCO) is a schedule A' Navratna CPSE established. It is one of the largest integrated Bauxite-Alumina-Aluminium- Power Complex in the country. At present, Government of India holds 51.28% of paid up equity capital.

Oil India is a state-owned Maharatna under the administrative control of India's Ministry of Petroleum and Natural Gas. As of 30 June 2024, the Government of India held 56.66% stake in the company.

Shares of NALCO slipped 2.46% to Rs 180.10 while those of Oil India fell 2.29% to Rs 709.85 on the BSE.

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