Chennai-based Kothari Industrial Corporation (KICL) has signed a memorandum of understanding (MoU) with the Government of Assam to invest Rs 500 crore in mineral and ore extraction projects.

The agreement was formalised at the Advantage Assam 2.0 Investment and Infrastructure Summit in Guwahati, attended by Assam Chief Minister Himanta Biswa Sarma.

As part of the project, KICL aims to generate approx. 3,000 direct employment. The development will be undertaken in collaboration with the Assam government and its public sector undertakings, ensuring a structured implementation. The investment is expected to boost Assam’s industrial and economic landscape, aligning with the state’s efforts to attract private sector participation in its resource-driven industries.

Chairman of KICL, Rafiq Ahmed, highlighted the company's long-term expansion plans, stating, “This is just the beginning as the company is working on expanding into multiple states across India.”