MOIL, a Miniratna Category-I PSU, produced 8.02 lakh tonne of manganese ore during the year 2012-13 (April to December, 2012), and this is 6.13 percent higher as compared to corresponding period last year.
The company achieved a total sales turnover of Rs 700.30 crore during the period. It earned profit before tax of Rs 476.12 crore and profit after tax of Rs 321.64 crore.
The firm, under the Ministry of Steel, presented an Interim dividend cheque of Rs 24.05 crore to the Union Minister of Steel, Beni Prasad Verma. The company declared 20 percent Interim Dividend, for the year 2012-13. GP Kundargi, Chairman-cum-Managing Director, MOIL presented the cheque to the minister.
Speaking on the occasion, Verma encouraged MOIL to improve its performance even further. Verma was of the view that turnover of the company should increase further.
MOIL is taking measures to meet domestic demand of manganese ore by implementation of various mining projects such as deepening of existing vertical shafts and sinking of new shafts.
Besides, the company has also set up joint venture companies with SAIL and RINL for manufacture of ferro alloys. As a part of its diversification plans, the company has recently submitted eight applications with the Ministry of Coal for allotment of coal blocks.