MOIL gets Ministry of Steel nod for joint venture with Madhya Pradesh State Mining Corporation Limited to boost manganese ore mining, pending DIPAM clearance. MOIL will hold 51 percent stake.
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State-owned MOIL said it has received a letter from the Ministry of Steel conveying in-principle approval for the joint venture agreement and formation of a joint venture company with Madhya Pradesh State Mining Corporation Limited (MPSMCL), subject to clearance from the Department of Investment and Public Asset Management (DIPAM).
In a regulatory filing, the company said the letter dated January 29, 2026 confirms the ministry’s approval for the proposed JV. Further details regarding the development will be shared in due course.
MOIL had entered into a draft joint venture agreement with MPSMCL in October 2024. The proposed collaboration is aimed at advancing manganese ore mining and undertaking value-addition projects in Madhya Pradesh.
Under the terms of the agreement, the JV company will be formed with a shareholding of 51% held by MOIL and 49% by MPSMCL. The partnership is expected to help nurture the state’s rich manganese ore reserves, support economic growth and generate employment opportunities in the region.
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