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The Department of Investment and Public Asset Management (DIPAM) has approved a joint venture between MOIL Ltd and Madhya Pradesh State Mining Corporation Limited (MPSMCL) for manganese ore mining in Madhya Pradesh, structured with a 51:49 shareholding. The Ministry of Steel has also provided in-principle approval for the agreement.

A draft joint venture agreement was signed in October 2024, and the final clearance from DIPAM has now been received. The collaboration aims to enhance manganese ore mining and value-addition projects, supporting economic growth and creating employment opportunities in the region. The joint venture will involve the formation of a new company, with MOIL holding a 51% stake and MPSMCL holding 49%.