KIOCL, formerly known as Kudremukh Iron Ore Company to get access to mine iron ore deposits in Anantapur district of Andhra Pradesh.
KIOCL has formalised an MoU with Andhra Pradesh Mineral Development Corporation (APMDC) to set up a JV company for mining. The Andhra Pradesh Government on 18 April 2013 gave its formal nod to the initial agreement which paved the way for the mining as well as the value-added projects. Both the companies plans to sign the MoU and initiate the process for project-related nods and clearances soon. KIOCL intends to set up a 2.4 million tpa ore beneficiation plant and a pellet plant at a cost of Rs 1,000 crore independently in Anantapur utilising the ore produced by the JV company. In the JV company KIOCL will have 49 per cent stake while APMDC will be a majority stake holder with 51 per cent.