Coal India, NMDC, ONGC Videsh to actively scout for critical mineral assets abroad: Govt
ONGC Videsh Ltd (OVL) is the overseas investment arm of state-owned Oil and Natural Gas Corporation.
The government on Wednesday said public sector companies -- Coal India, NMDC and ONGC Videsh Ltd (OVL), will start looking diligently for critical mineral assets overseas.
ONGC Videsh Ltd (OVL) is the overseas investment arm of state-owned Oil and Natural Gas Corporation. These PSUs already have some kind of presence abroad.
"A group of secretaries (on resources) has decided that these companies (Coal India, NMDC, ONGC Videsh Ltd) move forward and look at critical mineral assets abroad also. It is an easy method. These companies are already doing business abroad," Mines Secretary V L Kantha Rao told reporters on the sidelines of a Workshop on Offshore Mining.
State-owned Coal India, he said, is actively pursuing some lithium blocks in Chile. "So, Coal India is getting active... NMDC is already active in Australia. They have some gold mines in Australia and are also looking at lithium mines in Australia," Rao explained.
Meanwhile, Khanij Bidesh India Ltd (KABIL) is a joint venture of three PSUs formed to scout for mineral assets overseas. It is owned by three public sector undertakings — National Aluminium Company Ltd (Nalco), Hindustan Copper Ltd (HCL) and Mineral Exploration and Consultancy Ltd (MECL).
Critical minerals such as copper, lithium, nickel and cobalt are important components in rapidly growing clean energy technologies –- from wind turbines and electricity networks to electric vehicles.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
02:12 PM IST