MOIL has been the big name in the city when it comes to the natural resources stuff in the country. It is a miniratna state-owned manganese-ore mining company, which has its head quarter in Nagpur. As per the latest, the company signed a Memorandum of Understanding or MoU this January 2019 with the GMDC group or Gujarat Mineral Development Corporation Ltd. that remains the undertaking of Government of Gujarat, for the joint exploration of manganese bearing areas, and for carrying out the mining operations for setting up the value addition plant in one of their joint venture in Gujarat.
Talking more on this deal, the two companies then signed on a detailed MoU with the government body Gujarat Mineral Development Corporation Ltd for the joint exploration. In the said joint venture, the company Moil would now be sharing the 51 percent and GMDC will hold 49 percent of the shares. With this agreement both the parties in the city HQ were seen signing the deal with the Mineral Exploration Corporation Limited (MECL), which happens to be a Miniratna Category-I CPSE yet another undertaking of Ministry of Mines, Government of India for a number of things like the exploration related activities that has to be carried out for the manganese mineral acreage for establishing the resources / reserves.
This agreement would work on the re-development of mine along with establishing the same for the derivative plants that would be carried out with a whopping investment of Rs 250 crore. The said investment would be carried out as per the results of the exploration and feasibility of mining. Stay tuned to know more about it and others only with us and till then you can even comment below and let us know what you know more about it only with us.