MOIL signs MoU with Ministry of Steel.
MOIL country largest manganese ore producer has signed a Memorandum of Association with Ministry of Steel for FY19. The company recently achieved highest ever turnover of Rs. 1,300 crore in FY18.
The MoU projects to achieve 13.25 lakh tonnes of manganese ore production in the year FY19 which is 10 per cent higher than FY18 total highest ever production of 12 lakh tonnes.
To achieve the target it also assigned Capex of Rs. 200 crore besides turnover and financials, project implementation, R&D, customer satisfaction, human resource management, etc.
MOIL achieved highest ever turnover of Rs. 1,300 crore in FY18 with production of 12 lakh tonnes and envisages to achieve 20 lakh tonnes production by 2021 and 25 lakh tonnes by 2025. It has also undertaken expansion projects worth Rs. 460 crore to build high speed shaft at Balaghat and Gumgaon mines. To diversify the production activity it recently approved Rs. 419 crore ferro alloy plant with 75,000 MT of capacity at Balaghat & Gumgaon mines.
At lunch hours on Friday, the stock was trading positive on the bourses at Rs. 211.5 per share up by 0.93 per cent