Context

Ministry of Mines is setting up a joint venture company namely Khanij Bidesh India Ltd. (KABIL)

About

• It will be set up with the participation of three Central Public Sector Enterprises namely,
  • National Aluminium Company Ltd.(NALCO)
  • Hindustan Copper Ltd.(HCL)
  • Mineral Exploration Company Ltd. (MECL)
• It would carry out identification, acquisition, exploration, development, mining and processing of strategic minerals overseas for commercial use and meeting country’s requirement of these minerals.
• The equity participation between NALCO, HCL and MECL is in the ratio of 40:30:30

Significance

• It is a move to ensure a consistent supply of critical and strategic minerals to Indian domestic market.
• In other words, it will ensure mineral security of the Nation.
• It will help in building partnerships with other mineral rich countries like Australia and those in Africa
• It would also help in realizing the overall objective of import substitution.