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.

About MOIL

• 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