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Three PSUs Enter Agreement To Create New Joint Venture ‘KABIL’ To Ensure Domestic Self-Sufficiency In Critical Minerals
Signing of the Joint Venture agreement. (Pic by PIB)
As per a Press Information Bureau (PIB) release, three central public sector enterprises have entered into a joint venture agreement to set up Khanji Bidesh India Ltd (KABIL), which will be aimed at creating domestic self sufficiency of critical and strategically important minerals.
The companies which signed the joint venture agreement are National Aluminium Company Ltd. (NALCO), Hindustan Copper Ltd. (HCL) and Mineral Exploration Company Ltd. (MECL).
Union Minister of Mines, Coal and Parliamentary Affairs was present at the signing of the agreement. According to him, the company will help ensure that critical minerals were supplied consistently, and also help reach the goal of import substitution.
He added that KABIL would explore mining options abroad in order to meet Indian demand for strategic minerals, especially those required in the space, defence and aviation sectors.
Moreover, critical minerals required in the production of electric vehicle batteries, such as cobalt, would be procured by KABIL in order to the country’s goal of switching away from fossil fuel based vehicles.
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