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MOIL targets to produce 14.75 lakh tonne manganese ore in FY20

New Delhi, May 23 () State-owned MOIL Thursday said it targets a manganese ore production of 14.75 lakh tonne and a capital expenditure of Rs 210 crore in the current financial year.

For these targets, the public sector undertaking has inked a pact with the Ministry of Steel, MOIL said in a filing to the BSE.

“MOIL Ltd has signed a memorandum of understanding (MoU) for 2019-20. The MoU envisages an ambitious production target of 14.75 lakh tonne of manganese ore and a capex target of Rs 210 crore, besides other parameters related to turnover, financials, project implementation, research and development, human resource management, etc.”

MOIL has been signing the MoU with its administrative ministry (Ministry of Steel) for more than 20 years.

The pact was signed by Steel Secretary Binoy Kumar and MOIL Chairman and Managing Director M P Chaudhari.

During 2018-19, MOIL achieved the highest-ever turnover of Rs 1,441 crore, registering a growth of 9 per cent over the previous year, it said.

Core production of manganese ore (excluding fines) jumped 15 per cent during the year.

Its total production crossed 13 lakh tonne, up 9 per cent over a year ago.

On Wednesday, MOIL reported a 5.71 per cent increase in standalone net profit to Rs 135.08 crore for the quarter ended March 31, 2019, from Rs 127.78 crore during the corresponding quarter a year ago. ABI HRS

News credit : Indiatimes