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IDCOL and IREL signed Joint Venture Agreement

IDCOL and IREL signed Joint Venture Agreement

Bhubaneswar, 29th Nov’17- (By Prasanta Kumar Bhuyan)  A Joint Venture Company will be formed by IDCOL and IREL in the name and style of IRELIDCOL Ltd. For this the Joint Venture Agreement was signed by IDCOL and IREL today in the presence of Sri Niranjan Pujari, Minister, H&UD, Industries at IDCOL Board Room. CMD, IDCOL Sri Prasant Kumar Nayak and CMD, IREL Sri Debendra Singh signed the Joint Venture Agreement. IDCOL will have equity share holding upto 49% and IREL(Indian Rare Earth Ltd.) will have equity share holding of minimum 51% in the JV Company. It may be mentioned here that IDCOL had signed an MoU with IREL on 7th February, 2015 regarding the formation of this JV Company. The Joint Venture company will apply for lease of beach sand from Gopalpur to Brahmagiri area to explore and mine the same. A mineral separation plant will be set up with an estimated project cost of 450 crore. Its construction period is about 24 months and pay-back period is about 5 years. It will create employment opportunity for 400 people in different categories. Among others, Principal Secretary, Industries Department Sri Sanjeev Chopra, Joint Secretary of Department of Atomic Energy, Govt of India Sri M. A. Inbarasu, Company Secretary of IDCOL Sri Arabinda Acharya and senior officials of IDCOL were present.

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