MOIL has recently informed executives that the company signed a draft Joint Venture agreement with Madhya Pradesh State Mining Corporation Limited (MPSMCL) for exploration and mining activities. This will assist in improving the production while also marking the start of the taking clearances from various agencies/departments.
The agreement is subject to approval by the respective boards and the government. MOIL will hold a 51% stake in the JV. The agreement includes clauses like the right to appoint directors, share subscription rights, and restrictions on capital structure changes.
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