Joint Venture19 Oct 2024, 01:16 am
MOIL LTD. Executes Joint Venture Agreement with MPSMCL for Exploration and Mining Activities in Madhya Pradesh
AI Summary
MOIL LTD. has signed a joint venture agreement with Madhya Pradesh State Mining Corporation Limited (MPSMCL) for carrying out exploration and mining activities including value addition projects in the State of Madhya Pradesh. The agreement is subject to approval from the respective Boards and the Government. The joint venture company will have MOIL holding 51% and MPSMCL holding 49%. The agreement includes special rights for both parties, such as the right to appoint directors and restrict any change in the capital structure.
Key Highlights
- MOIL LTD. and MPSMCL have signed a joint venture agreement for exploration and mining activities in Madhya Pradesh
- The agreement is subject to approval from the respective Boards and the Government
- MOIL will hold 51% and MPSMCL will hold 49% of the joint venture company
- The agreement includes special rights for both parties, such as the right to appoint directors and restrict any change in the capital structure
- The joint venture aims to enhance production and initiate clearances from various agencies/departments