Bhopal: In a significant step towards boosting manganese ore mining and value-addition projects in Madhya Pradesh, MOIL has signed a draft joint venture (JV) agreement with the Madhya Pradesh State Mining Corporation Limited (MPSMCL) at the MP Mining Conclave 2024. The partnership aims to leverage the state’s rich manganese reserves, contributing to economic growth and job creation.
The signing ceremony was held in the presence of Chief Minister Dr. Mohan Yadav, along with other key dignitaries, including Sanjay Shukla, Principal Secretary of the Government of Madhya Pradesh; Ajit Kumar Saxena, Chairman and Managing Director of MOIL; and M. M. Abdulla, Director (Production and Planning) at MOIL.
Under the terms of the agreement, a new JV company will be established with MOIL holding a 51% stake and MPSMCL owning 49%. The venture is expected to drive advancements in manganese ore mining and value-added projects in the state, furthering the goals of the Atma Nirbhar Bharat (Self-Reliant India) initiative by fostering industrial growth and providing employment opportunities.
Speaking on the occasion, Chief Minister Dr. Mohan Yadav emphasized the significance of this collaboration for the region’s industrial development and its potential to uplift the local economy through increased mining activities and job creation.