Published: 10th Aug, 2019
Ministry of Mines is setting up a joint venture company namely Khanij Bidesh India Ltd. (KABIL)
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.
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