(ET)
India’s move to acquire reserves of strategic minerals like lithium and cobalt to power the country’s move into electric vehicles is all set to become a reality with three state-owned metal and mining companies due to ink a joint venture agreement early next month.The jv will have National Aluminium Company (Nalco), Hindustan Copper (HCL) and Mineral Exploration Corporation Ltd (MECL) as partners with a shareholding pattern of 34:33:33 respectively. The initial equity base of the company is expected to be around Rs 100 crore.
“The boards of the respective companies have already cleared the proposal. We hope to sign the agreement within the next one week or so,” HCL chairman Santosh Sharma said adding “we are part of a government initiative to build up strategic reserves of these minerals.” The first acquisition is likely to be finalised within the next six months. Official teams have already visited mines in countries like Peru, Bolivia and Chile, which are rich in such strategic minerals.
