National Aluminium Company (NALCO) has announced the signing of a Memorandum of Understanding (MoU) between its joint venture, Khanij Bidesh India (KABIL), and Oil India. The MoU aims to foster collaboration on projects and exploration activities.
KABIL is a joint venture company formed by three government enterprises: NALCO, Hindustan Copper (HCL), and Mineral Exploration & Consultancy (MECL), under the Ministry of Mines, Government of India.
The primary objective of this MoU is to enhance collaboration on KABIL’s existing and future projects, with a focus on strengthening ties in the exploration and exploitation of critical minerals. The joint efforts will target international opportunities, thorough due diligence of potential critical mineral projects, and co-investment in promising ventures, according to NALCO.
Commenting on the development, Shri Sridhar Patra, CMD of NALCO and Chairman of KABIL, stated, “This MoU marks a significant milestone for KABIL, as it combines the strengths of KABIL and Oil India to explore new opportunities in critical minerals, both domestically and internationally. This collaboration is a step forward in our journey towards Atma Nirbhar Bharat and the mineral securitization of the nation.”
NALCO, a Schedule ‘A’ Navratna CPSE, is one of India’s largest integrated Bauxite-Alumina-Aluminium-Power complexes. The Government of India currently holds 51.28% of its paid-up equity capital.
Oil India, a state-owned Maharatna company, operates under the administrative control of the Ministry of Petroleum and Natural Gas. As of June 30, 2024, the Government of India held a 56.66% stake in the company.
