MOIL Limited records 2nd highest Production since inception in FY’23
Tags: Economy/Finance National News
MOIL Limited has registered its second highest production since inception with production of 13.02 lakh tonnes of manganese (Mn) ore in the financial year 2022-23, registering a growth of 6% over the previous year.
An overview of the news
The company has also achieved a capital expenditure of Rs 245 crore in FY23, which is 14% higher than FY2021-22.
MOIL has achieved the best ever exploratory core drilling of 41,762 meters in FY23, which is 2.7 times the average exploration achieved in the last 5 years.
The sales turnover of electrolytic manganese dioxide (EMD) reached a new high, more than 2 times that of the previous year.
EMD is a 100% import substitution product, mostly used for manufacturing of pharmaceuticals and batteries.
MOIL is a Schedule “A” Miniratna Category-I Company under the Union Ministry of Steel.
It was originally incorporated as Manganese Ore (India) Limited in 1962 and its name was changed to MOIL Limited during 2010-11.
The company operates 11 manganese ore mines in India. It has 7 mines located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh.
At present the Government of India owns 53.35% shares in the company, Government of Maharashtra (5.96%), Government of Madhya Pradesh (5.38%) and Public (35.31%).
Headquarter: Nagpur, Maharashtra
CMD MOIL Limited : Ajit Kumar Saxena
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