State-owned MOIL Ltd.'s board on Wednesday approved an agreement to form a joint venture company with Gujarat Mineral Corp. for manganese ore mining in Gujarat.
MOIL will have a majority 51% stake in the JV company, while the remaining 49% will be held by GMDC, the state-owned firm said in a BSE filing.
"The board of MOIL at its meeting held on December 13, 2023, has approved a Joint Venture agreement for the formation of 51:49 Joint Venture Company between MOIL Ltd and Gujarat Mineral Corporation Limited (GMDC) for manganese ore mining in the State of Gujarat," the filing said.
However, this is subject to the approval by appropriate authority.
The board has also approved a draft JV pact between MOIL and Madhya Pradesh State Mining Corp. for manganese ore mining in Madhya Pradesh, the filing said.
MOIL is a Miniratna state-owned manganese-ore mining company headquartered in Nagpur.
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