Tuesday, June 2nd, 2020

Beni Prasad Verma reviewed the performance of the third quarter of 2010-11

INVC,, Delhi,, The Union Minister of State for Steel (Independent Charge), Shri Beni Prasad Verma reviewed the performance of the third quarter of 2010-11 and capacity expansion programme of MOIL Limited, formerly known as Manganese Ore (India) Limited under his ministry. In the meeting held yesterday, the Minister expressed his happiness over the consistent good performance of the Company and assured full support of the Government for better performance and development of the Company. However, Shri Verma emphasized that looking to the expansion plans of the Indian Steel Industry, there is an urgent need to increase the output of manganese ore. It was informed that the Company has already taken several measures such as deepening and sinking of vertical shafts at its mines, large scale opencast development and acquisition of new mines in India and abroad. Besides, the Company has also set up joint venture companies with SAIL and RINL for manufacture of ferro alloys. In the meeting, the Secretary, Ministry of Steel, Shri P.K. Misra advised MOIL to expand the capacity of the mines by carrying out modernization programmes and endeavour to achieve a production of 1.5 million tones by 2015-16 and 2.0 million tones by 2020. The Company has been consistently showing excellent results for the past several years. During the period April – December 2010, the production of manganese ore was 8.14 lakh tones. The sales turnover during the same period was Rs.886.09 crores. The Company earned a profit before tax of Rs.681.90 crores and profit after tax of Rs.455.69 Crores during the period. The Company has made a budget provision of Rs.5.42 crores towards CSR during the year 2010-11. During 2009-10, the production of manganese ore was 10.93 lakh tonnes. Total Sales turnover of was Rs. 965.47 crores. The company earned profit before tax of Rs.706.79 crores and profit after tax of Rs.466.35 crores during this period. The company has also spent approximately Rs.1.57 crores on its CSR activities. The total paid up equity of the company is Rs.168 crores. During 2010-11, 20% of the total paid up equity of the Company {10% out of GOI shareholding (81.57%), 5% out of Govt. of Madhya Pradesh shareholding (8.81%) and 5% out of Govt. of Maharashtra shareholding (9.62%)} was offered to the public through Offer for Sale and the company got listed on 15th December, 2010, in both National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE). Out of this Offer of Sale, an amount of Rs. 618.76 crore was realized by Government of India. Moreover, the Company has paid interim dividend @25% amounting to Rs. 30.06 crore to Government of India in the month of March, 2011. For the period 2009-10 to 2016-17, the Company has plans for capacity expansion at a cost of Rs. 1232.25 crores.

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