India's trace mineral SPV plans equity top-up, ministries hold talks

The three promoter companies have promised to plumb in equity in the ratio of 40:30:30

After a three-year incubation of India’s special purpose vehicle (SPV) to ferret out trace minerals —including lithium and cobalt — overseas, there are fresh plans of an equity top-up. Both the mines and finance ministries have held discussions this summer to identify the sources. 

Khanij Bidesh (KABIL) was approved in August 2019 as a joint venture (JV) between three state-owned mineral companies — National Aluminium Company (Nalco), Hindustan Copper (HCL), and Mineral Exploration Company. This is the third time in two decades after ONGC Videsh and Coal Videsh that will have the government promote JVs to prospect for minerals overseas.

But KABIL