Gemco Kati Exploration Pvt. Ltd.
Region and country of operations: Asia, India
Jurisdiction of registration: India
Business sector: Mining support service activities
Date of agreement (month/year): 4/2022
Finnfund’s financing: EUR 2,000,000
Share of Finnfund’s financing: 68%
Instrument: Loan
Size of project/financing: EUR 2,930,000
Environmental and social category: B
Project description
Gemco Kati Exploration Pvt. Ltd. is a mineral exploration company owned by Finnish Oy Kati Ab and Indian founders. The company was founded in 2010 in Chandrapur India and it conducts drilling services mainly for mining prospectors and Indian authorities. Finnfund’s financing is targeted to enable the company’s further expansion by adding high-quality rigs and support vehicles into its fleet.
Main development impact
India has an ambitious plan to increase the mining of metals and minerals to service the increasing domestic demand and reduce imports. Gemco Kati has established itself as one of the leading professional and quality drilling and exploration companies servicing mining companies in India with international standards.
In addition to indirectly supporting national industrial development, the Company is an important actor in supporting local economies through jobs, salaries, domestic purchases, and taxes. It is expected that the expansion of operations will lead to an increase in the number of jobs from 280 to 680 in five years. The company relies heavily on local suppliers in its operations and 75% of the capital expenditure supported by this investment is to be used for purchases from local suppliers.
More information
Last modified: September 2022