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MOIL signs MoU with GMDC for joint venture

01 Oct 2019 Evaluate

MOIL has signed a detailed Memorandum of Understanding (MoU) with Gujarat Mineral Development Corporation (GMDC) for Joint Venture. JVC will have shareholding pattern of 51% and 49% for MOIL and GMDC respectively.

Earlier, MOIL had signed a MoU in January 2019 with GMDC, an undertaking of Government of Gujarat, to take up project of joint exploration of manganese bearing areas, exploring its feasibility and to conduct mining operations as well as to set up value addition plant in joint venture in Gujarat.

In this connection, MOIL and GMDC have also signed MoU with Mineral Exploration Corporation (MECL), a Miniratna Category-I CPSE under the Ministry of Mines, Government of India for exploration related activities to be carried out in the manganese mineral acreage to establish resources/reserves.

Based on results of exploration and feasibility of mining ascertained after exploration activities, decision to go ahead with mine development, mining activities and establishment of downstream derivative plants with an expected investment of around Rs 250 crore shall be taken.

MOIL is the largest iron ore company in India and fifth largest in world. It currently operates seven underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three opencast mines (Dongri Buzurg, Sitapatore/Sukli, and Tirodi).

MOIL Share Price

326.60 -1.00 (-0.31%)
20-Apr-2026 09:25 View Price Chart
Peers
Company Name CMP
Coal India 435.55
NMDC 89.49
GMDC 708.35
Sandur Manganese 217.90
MOIL 326.60
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