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MOIL inks MoU with Ministry of Steel for FY 2019-20

Steel News - Published on Fri, 24 May 2019

Image Source: Investing.com
MOIL Limited has signed a MoU for FY 2019-20 with the Ministry of Steel. The MoU was signed by Mr Binoy Kumar, Secretary to Govt of India on behalf of Ministry of Steel and Mr MP Chaudhari, CMD, on behalf of MOIL. The MoU envisages an ambitious production target of 1.475 million tonnes of manganese ore and capex target of INR 210 crores, besides other parameters related to turnover, financials, project implementation, R&D, human resource management, etc.

During 2018-19, MOIL has achieved the highest-ever turnover of INR 1441 crores, registering a growth of 9% over previous year. Core production of manganese ore (non-fines-i.e., production excluding fines) jumped 15% during the year. Total production crossed 1.3 million tonne up by 9%YoY, which is the highest achievement in last ten years. Profit before tax and profit after tax increased by 11% to INR 719.75 Crore and by 12% to INR 473.89 Crore respectively.

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Posted By : Ratan Singh on Fri, 24 May 2019
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