Chennai-based Kothari Industrial Corporation Ltd (KICL) has signed a memorandum of understanding (MoU) with the Government of Assam to invest ₹500 crore in mineral and ore extraction projects in the state.

The agreement was formalised recently at the Advantage Assam 2.0 Investment and Infrastructure Summit in Guwahati, in the presence of Assam Chief Minister Himanta Biswa Sarma.

According to a company release, the project is expected to generate around 3,000 direct jobs and will be developed in collaboration with the Assam government and its public sector undertakings.

KICL Chairman Rafiq Ahmed stated that this investment marks the beginning of the company's expansion across multiple states in India.