NEW DELHI: The government is mulling a joint venture with participation from state-run natural resources firms Nalco, Mineral Exploration Corporation (MECL) and Hindustan Copper (HCL) to facilitate the acquisition of strategic mineral assets overseas, officials said on Friday.
According to mines secretary Arun Kumar, the boards of the three firms have agreed on the proposal. He was talking to reporters here on Friday after a meeting of the Geological Board. “The primary objective is to focus on acquiring strategic minerals, which include rare earth minerals,” he said, quickly adding that the JV would not be constrained by a narrow focus.
The initial proposal was agreed to by Nalco, MECL and HCL in September last year, with the three firms inking a Memorandum of Understanding (MoU) to make the country self-reliant in strategic minerals that are either not available in the country or the quantity available is lower than requirement.
“The objective of the MoU is to set up a joint venture company namely Khanij Bidesh India Ltd to identify, explore, acquire, develop and process strategic minerals overseas for commercial use and to meet the domestic requirements across the country. It will provide a boost to Centre’s Make in India drive as well,” said Nalco had stated then.