Nalco Joint Venture Firm KABIL Signs MoU With Oil India

An Indian public sector company called National Aluminium Company Limited operates integrated and diverse operations in the metal, mining, and power sectors. At the moment, NALCO is administered by the Ministry of Mines, with the Government of India owning 51.28% of the company’s equity.

NALCO joint venture KABIL signs MoU with Oil India:

NALCO (National Aluminium Company), Hindustan Copper Ltd., and Mineral Exploration and Consultancy Ltd. are the three government companies that jointly own KABIL. Under the Ministry of Mines’ direction, the company’s primary focus is on the development of mineral assets overseas. At NALCO’s corporate headquarters in Bhubaneswar on Wednesday, Khanij Bidesh India Ltd. (KABIL) and Oil India Ltd. signed a Memorandum of Understanding (MoU), as per a press release on the BSE.

Mineral Exploration and Consultancy Ltd., Hindustan Copper Ltd., and NALCO (National Aluminium Company). The company, which is under the Ministry of Mines’ supervision, is primarily focused on developing mineral assets abroad. According to the press release, the parties signed an agreement to search for “international critical mineral opportunities,” perform “comprehensive due diligence” in locating and seizing possible critical mineral opportunities, and co-invest in possible critical mineral projects.

The goal of the MoU with Oil India is to improve cooperation on projects related to mineral exploration. Oil India’s exploration and production experience is combined with KABIL’s knowledge of securing mineral resources in this partnership.

NALCO stock price down more than 2% today:

National Aluminium Company Limited is currently trading at Rs. 180.76 per share, reflecting a decrease of over 2% in the intraday session. The lowest price the stock traded at today was Rs. 179.71 per share.

Conclusion: This Memorandum of Understanding was signed in response to India’s growing need for mineral resources in order to promote sustainable economic growth.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.