MOIL, which had signed a Memorandum of Understanding in January with Gujarat Mineral Development Corporation to take up a project of joint exploration of manganese bearing areas, on Tuesday signed a detailed MoU with GMDC for joint exploration.
MOIL will have 51 per cent shareholding in the JV, while GMDC’s stake would be 49 per cent. MOIL and GMDC have also signed an MoU with Mineral Exploration Corporation for exploration-related activities.