By Bizodisha Bureau, Bhubaneswar, September 19, 2017: National Aluminium company Ltd (NALCO), Hindustan Copper Ltd (HCL) and Mineral Exploration Corporation Ltd (MECL) on Monday joined hands to identify, explore, acquire, develop and process the strategic minerals overseas for commercial use.

The three central public sector enterprises (CPSE) under the union ministry of mines on Monday signed an MoU to make the country self-reliant in the areas of 12 strategic minerals that are either not available in the country or not available in the desired quantity.

Dr. Tapan Kumar Chand, CMD, NALCO, Santosh Sharma, CMD, HCL and Dr. Gopal Dhawan, CMD MECL signed the MoU at the Corporate Office of NALCO here.

Speaking on the occasion, Dr. Tapan Kumar Chand said: “The objective of the MoU is to set up a Joint Venture Company namely Khanij Bidesh India Ltd (KABIL) to identify, explore, acquire, develop and process the strategic minerals overseas for commercial use and for supplying to India to meet the domestic requirements due to its non-availability in the country and giving a boost to Make in India drive of the Government of India.”

A task force under the chairmanship of Director (P&T), NALCO has been formed to finalize a draft joint venture agreement by second week of November. The Committee of CMD’s will meet in third week of November under chairmanship of CMD, NALCO to finalize the Joint Venture modalities and thereafter approval of Ministry and Niti Aayog will be obtained, a Nalco press release on Tuesday said.