November 13, 2001
‘18’MOIL’S APRIL-OCTOBER EXPORT EARNING RS.20 CRORE
The Manganese Ore India Ltd. (MOIL), a public sector enterprise of the Steel Ministry has achieved all time high export earnings of Rs.20 crore during April-October, 2001. During these 7 months the total sales turnover and profit before tax of the Company stood at Rs.86.18 crore and Rs.13.58 respectively. It has exceeded the targets of production and sales and is poised to achieve excellent rating for the seventh consecutive year.
The Company has declared a dividend of 27 per cent for the year 2000-01. The Minister for Steel Shri Braja Kishore Tripathy has received Yesterday a cheque amounting to Rs.3.37 crore from the Chairman-Cum-Managing Director, MOIL. The Company has been paying 20 per cent dividend to its shareholders for last 8 years. It has also paid Rs.39.80 lakh dividend to the Government of Maharashtra and Rs.36.46 lakh to the Government of Madhya Pradesh, the other shareholders of the Company for the year 2000-01.
With a moderate capital of Rs.15 crore, MOIL has achieved a turnover of 165.22 crore and a net profit before tax of Rs.30.99 crore during the year 2000-01. It is the single largest producer of high grade manganese ore in the country. It has undertaken a number of diversification projects to expand its business. It has successfully commissioned the 10,000 tpa Ferro Manganese Plant at Balaghat mines. The capacity of the existing 800 tpa Electrolytic Manganese Dioxide, EMD plant has been enhanced by 200 tpa. The company has set up an integrated mineral beneficiation plant at Dongri Buzurg mines in Maharashtra. It is planning to set up two captive power plants one each at Balaghat mine, Madhya Pradesh and at Dongri Buzurg mine in Maharashtra.