Vedanta Group firm Hindustan Zinc on Tuesday announced the formation of a new subsidiary Hindmetal Exploration Services Pvt Ltd. The development aims at the company's foray into strategic mineral exploration and diversification of its portfolio.
"In line with our vision and with our strategic exploration objective to upgrade Ore Reserves and Mineral Resources (R&R), the company has incorporated Hindmetal Exploration Services Private Limited, a wholly-owned subsidiary of Hindustan Zinc Ltd, with an objective to explore, discover, develop and tap mineral resources,"
Hindustan Zinc said in a regulatory filing. The arm was incorporated on Monday, it said.
In the last decade, the Centre has introduced significant transformational reforms to open up the mineral sector to ensure its contribution to achieving the national policy goals and also allowed private sector participation in the exploration and mining of critical minerals which were earlier mined only by government companies, it said.
The increased focus on critical minerals is part of the country's ambitious plans to achieve energy transition and strengthen the domestic manufacturing sector, in which these minerals play an important role, the company said.
