MOIL board approves pact to form JV with Gujarat Mineral Corp for manganese ore mining

New Delhi: 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 percent stake in the JV company, while the remaining 49 percent will be held by GMDC, the state-owned firm said in a BSE filing.

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"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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