Nalco, MECL, HCL boards approve JV project, to be named Kabil.

The boards of three central public sector undertakings (CPSEs) have approved the proposal to form a joint venture (JV) company. National Aluminium Company (Nalco), Mineral Exploration Corporation Ltd (MECL) and Hindustan Copper Ltd. (HCL) would forge the JV firm.

In the JV company to be titled 'Khanij Bidesh India Ltd' (KABIL), Nalco would have an equity of 34 per cent. Both MECL and HCL's shareholding is pegged at 33 per cent each.

'The boards of the three companies have approved the formation of the JV. Now, with the approval of the government, the paid up capital of the JV and other modalities could be worked out”, said Nalco's chairman and managing director T K Chand.

On September 19 this year, the three CPSEs entered into a memorandum of understanding (MoU) on Tuesday with the objective of making the country self-reliant in the areas of 12 strategic minerals that are either not available in the country or not available in optimum quantity.

BS