Govt to set up JV 'Khanij Bidesh India' to ensure strategic minerals supply

New Delhi: In a bid to ensure a consistent supply of critical and strategic minerals to the domestic market, the government on Thursday announced setting up a JV company with participation of three PSUs — Nalco, Hindustan Copper and MECL.

"A joint venture company namely Khanij Bidesh India Ltd is to be set up with the participation of three central public sector enterprises namely, Nalco, Hindustan Copper and MECL," the mines ministry said.

Coal and mines minister Pralhad Joshi said the objective of constituting KABIL is to ensure a consistent supply of critical and strategic minerals to Indian domestic market.

While KABIL would ensure mineral security of the nation, it would also help in realising the overall objective of import substitution, he added.

KABIL would carry out identification, acquisition, exploration, development, mining and processing of strategic minerals overseas for commercial use and meeting country's requirement of these minerals.

"The sourcing of these minerals or metals is to done by creating trading opportunities, G2G collaborations with the producing countries or strategic acquisitions or investments in the exploration and mining assets of these minerals in the source countries," the ministry said.