MOIL & GMDC Form JV for Manganese Mining in Gujarat - PTI
Dec 13, 2023 19:07
MOIL, a state-owned manganese ore mining company, will have a majority stake in the JV with Gujarat Mineral Corporation for manganese ore mining in Gujarat. The deal is subject to approval.
New Delhi, Dec 13 (PTI) State-owned MOIL board on Wednesday approved an agreement to form a joint venture company with Gujarat Mineral Corporation for manganese ore mining in Gujarat.
MOIL will have a majority 51 per cent stake in the JV company, while the remaining 49 per cent will be held by GMDC, the state-owned firm said in a BSE filing.
"The board of MOIL at its meeting held on December 13, 2023, has approved a Joint Venture agreement for the formation of 51:49 Joint Venture Company between MOIL Ltd and Gujarat Mineral Corporation Limited (GMDC) for manganese ore mining in the State of Gujarat," the filing said.
However, this is subject to the approval by appropriate authority.
The board has also approved a draft JV pact between MOIL Ltd and Madhya Pradesh State Mining Corporation Ltd (MPSMCL) for manganese ore mining in Madhya Pradesh, the filing said.
MOIL is a Miniratna state-owned manganese-ore mining company headquartered in Nagpur.
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