DIPAM approves formation of JV proposal between MOIL Ltd and MPSMCL

Mini ratna PSU, MOIL Ltd has announced the exchanges that Draft Joint Venture agreement and Execution of Joint Venture agreement (JV) has been approved, between MOIL Limited and Madhya Pradesh State Mining Corporation Limited (MPSMCL), for manganese ore mining in the State of Madhya Pradesh by Board of Directors.

According to the filing, it is informed that the company has received a letter from Ministry of Steel, intimating the approval of the Ministry for JV agreement and formation of Joint Venture Company between MOIL Ltd. and Madhya Pradesh State Mining Corporation Limited (MPSMCL) on clearance of the same by Department of Investment and Public Asset Management (DIPAM).

Further details in the above matter will be submitted in due course.

MOIL has entered into a draft joint venture agreement with Madhya Pradesh State Mining Corporation Limited (MPSMCL) in October 2024.

The joint collaboration is based upon the advance manganese ore mining and undertaking value-addition projects in the state of Madhya Pradesh.

According to the joint venture agreement, a Company will be formed between MOIL and MPSMCL with a shareholding of 51% of MOIL and 49% of MPSMCL.

The significant collaboration between MOIL and MPSMCL was initiated to nuture the rich manganese ore reserves in Madhya Pradesh, driving economic growth and creating numerous employment opportunities in the region.