BIZ DESK
MOIL, a PSU under the Ministry of Steel, has achieved best ever Q3 performance in October-December, 2024 with best ever production of manganese ore of 4.6 lakh tonnes and sale of 3.88 lakh tonnes, higher by 13% over corresponding period of last year (CPLY).
Coming to the performance in the first nine months of the current financial year, MOIL has registered production of 13.3 Lakh manganese ore, which is 4.5 percent higher and sale of 11.39 Lakh tonnes which is 4 percent higher than the corresponding period of the last year. The PSU has also registered growth in its exploratory core drilling which stands at 72,340 metres, which is 19 percent higher than the CPLY.
With the above performance, MOIL is expected to surpass the best ever Q3 revenue. Shri Ajit Kumar Saxena, CMD, MOIL, expressed satisfaction over the performance and was confident that the company will maintain the growth momentum.
MOIL is a Schedule “A” Miniratna Category-I Company. It was originally incorporated as Manganese Ore (India) Limited in the year 1962. Subsequently, name of the Company was changed from Manganese Ore (India) Limited to MOIL Limited during the financial year 2010-11.
MOIL was originally set up in the year 1896 as Central Province Prospecting Syndicate which was later renamed as Central Provinces Manganese Ore Company Limited (CPMO), a British Company incorporated in the UK. In 1962, as a result of an agreement between the Government of India and CPMO, the assets of the latter were taken over by the Government and MOIL was formed with 51% capital held between the Govt. of India and the State Governments of Maharashtra and Madhya Pradesh and the balance 49% by CPMO. It was in 1977, the balance 49% shareholding was acquired from CPMO and MOIL became a 100% Government Company under the administrative control of the Ministry of Steel.
MOIL produces and sells different grades of Manganese Ore. They are: –
• High Grade Ores for production of Ferro manganese
• Medium grade ore for production of Silico manganese
• Blast furnace grade ore required for production of hot metal and
• Dioxide for dry battery cells and chemical industries.