INIL moves to diversify into mining, exploration in Baluchistan, Khyber Pakhtunkhwa

May 13, 2026 (MLN): International Industries Limited (PSX:INIL), Pakistan's largest manufacturer and exporter of steel and polymer pipes, is expanding beyond its core business with a planned move into mining and exploration, targeting opportunities primarily in Baluchistan and Khyber Pakhtunkhwa.

The initiative will be executed through a consortium, with operations managed via a joint venture (JV) company.

Each JV partner is expected to contribute an initial equity investment of up to Rs500 million. The move forms part of INIL's broader growth strategy focused on sustainable expansion of its domestic and export portfolios while tapping into new revenue streams and markets.

Since the proposed JV company falls under the category of "Associated Companies" as defined under Section 2(4)(a) of the Companies Act, 2017, INIL's Board of Directors has called an Extraordinary General Meeting (EOGM) on Thursday, June 18, 2026.

Shareholders will be asked to approve the investment in tranches of up to Rs500 million in the proposed Joint Venture  through a special resolution in accordance with Section 199 of the Companies Act, 2017 read with the Companies (Investment in Associated Companies or Associated Undertakings) Regulations, 2017.

The Share Transfer Books of the Company will remain closed from June 11 to June 18, 2026, with the formal EOGM notice to be transmitted in due course.

INIL, which contributed over Rs5.94 billion in duties and taxes to the national exchequer in FY 2025, has previously received recognition including the PSX Top 25 Companies award, FPCCI export awards, and the Employer of the Year Award 2025 from the Employers' Federation of Pakistan.

The aforementioned information was disseminated through a notification to Exchange.

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