The National Aluminium Company (NALCO), Hindustan Copper (HCL) and the Mineral Exploration Corporation (MECL) have formally inked the joint venture (JV) to form Khanij Bidesh India (KABIL).
KABIL will scout abroad for strategic mineral assets like, lithium and cobalt. The JV company will be involved in acquisition, exploration and processing of strategic minerals abroad for commercial use and supply to meet domestic requirement.
While Nalco will hold 40 percent stake, HCL and MECL will have equity share of 30 percent each in the joint venture (JV) company. While 12 strategic minerals have been identified, the initial focus will be on lithium and cobalt assets. The preliminary due-diligence of identified assets will be initiated soon.