MOIL'S 2003-04 TURNOVER TARGET RS. 182.56 CRORE

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Manganese Ore (India) Ltd. (MOIL), a public sector undertaking under the Steel Ministry has set a sales turnover target of Rs. 182.56 crore for the year 2003-04 as against Rs. 158.42 crore for the current fiscal. The Memorandum of Understanding (MoU) signed with the Steel Ministry for 2003-04 envisages a production of 7.15 lakh tonnes of manganese ore and 975 tonnes of Electrolytic Manganese Dioxide (EMD). Previous MoU target aimed at production of 6.70 lakh tonnes of manganese ore and 1000 tonnes of EMD. The company plans to achieve a net profit of Rs. 14.72 crore during 2003-04 despite adverse conditions prevailing in the market. The MoU was signed by Shri J.S. Gill, Secretary, Steel and Shri P.M. Reddy active Chairman-cum-Managing Director, MOIL.

MOIL is the market leader in the manganese industry in India. The annual production is around 7.0 lakh tonnes, out of which about 4.5 lakh tonnes is high grade ore required for Ferro allow industry. MOIL also produces dioxide grade of ore required by dry battery industry. The market share of MOIL is about 60 per cent in respect of high grade ore and as high as 80 per cent in respect of dioxide ore. Besides, Manganese Ore, MOIL also produces EMD used in the manufacture of dry batteries.