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MOIL signs draft JV agreement with Madhya Pradesh State Mining Corporation.

Economy Business | Dated: 06 Nov 2024

Nagpur (Maharashtra)-based MOIL Limited (formerly known as Manganese Ore (India) Limited), has signed a draft Joint Venture (JV) agreement with Madhya Pradesh State Mining Corporation Limited (MPSMCL) at the Madhya Pradesh Mining Conclave 2024, held in Bhopal, Madhya Pradesh (MP).

🎯 Key Highlights:

  • - This collaboration is aimed at enhancing manganese ore mining and initiating value-addition projects within MP.
  • - Under this agreement, a JV will be established with a shareholding pattern of 51% for MOIL and 49% for MPSMCL.
  • - The partnership aims to tap into the extensive manganese ore reserves in MP, driving economic progress and generating numerous job opportunities in the state, supporting the Atma Nirbhar Bharat initiative.

💡 Other Important Facts:

  • (i) MOIL, founded in 1896, is a Miniratna Public Sector Undertaking (PSU) under the Ministry of Steel (MoS).
  • (ii) MPSMCL, established in 1962, operates under the Madhya Pradesh State Mineral Resource Department.

📚 Test Your Knowledge:

Which company recently signed a draft JV agreement with Madhya Pradesh State Mining Corporation?

Correct Answer: MOIL

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