International metal trading major Metdist is setting up a wholly owned company Metmin Exploration in India. The company will be engaged in exploration, development and processing of base and other precious metals including smelting and refining, production of downstream products and associated industrial activities. MEPL will be a 100 percent foreign equity held company with the equity inducted from Metdist, UK, owned by Lord Raj Bagri, chairman of London Metal Exchange, along with its holding companies, subsidiaries and foreign affiliates. The initial investment would be of Rs 250 million over a period of five years. Metdist already has financial collaboration with Metdist Industries Ltd, Metmin Finance & Holding Pvt Ltd and with Phelps Dodge- Metdist Mining India Pvt Ltd, a joint venture it has with the international copper giant Philips Dodge. Currently, Metmin Finance & Holdings Pvt Ltd is engaged in exploration for base metals in India and according to the plan now this activity will be transferred to the new entity MEPL. The proposal has been given a go ahead by the board resolution of the company and no objection certificates have also been obtained by the three existing fi-nancial collaborators.
NSTL
