MOIL Forms JV with MP State Mining Corp to Expand Manganese Operations

$MOIL Limited has incorporated a new joint venture, MOIL MPSMCL MINING LIMITED, in partnership with the Madhya Pradesh State Mining Corporation Limited (MPSMCL) on June 4, 2026. Key Transaction Details: Shareholding Structure: MOIL holds a 51% stake, making the JV its subsidiary, while MPSMCL holds the remaining 49%. Initial Investment: MOIL subscribed to 1,02,000 equity shares of ₹10 each through cash consideration. Regulatory Approvals: The formation of the JV has been cleared by the Department of Investment and Public Asset Management (DIPAM) and the Ministry of Steel. Strategic Rationale: Core Business Alignment: The JV will focus exclusively on manganese ore mining, directly complementing MOIL’s status as India’s largest manganese producer. Synergistic Partnership: Combines MOIL’s technical and operational expertise in manganese extraction with MPSMCL’s strong state-level presence and regulatory navigation in Madhya Pradesh, a key hub for manganese reserves. Resource Security: Strengthens MOIL's long-term access to raw material reserves and expands its mining footprint in its home state. Outlook: This joint venture represents a strategic consolidation of public sector mining capabilities in MP. By securing a controlling stake, MOIL ensures operational control while leveraging the state government's support for smoother land acquisition and mining clearances.