Moil pays Rs 18.27 cr interim dividend to govt

New Delhi, Mar 30 (UNI) Maharashtra-based public sector company Manganese Ore (India) Ltd (MOIL) presented the interim dividend cheque of Rs 18.27 crore to Union Steel Minister Ram Vilas Paswan.

The cheque was presented by MOIL Chairman K S Meherotra on the basis of an 80 per cent interim dividend on the enhanced capital at a function held here last evening.

The company has achieved one million tonne (MT) production of manganese ore during the current financial year.

MOIL has produced 10,19,000 tonnes of manganese ore, recording a rise of 18 per cent over the previous year.

The company also produced 10,000 tonnes of ferro manganese, a rise of 62 per cent over last year. It expects to achieve a turnover of Rs 405.50 crore and net profit of Rs 130.06.

The company has signed MOUs with three South African companies for production of ferro alloys, ore blending and beneficiation/mineral processing.

The companies are BHP Billiton for blending of Manganese ore, Bateman International Projects BV for manganese ore beneficiation, mineral processing and allied areas.

It has also signed an agreement with Richards Bay Industrial Development Zone for installation of a ferro alloy plant in RSA.

The Minister of State for Steel, Dr Akhilesh Das, and the Secretary, Ministry of Steel, R S Pandey, Special Secretary, A K Rath were also present.

Appreciating the performance of the company, Mr Paswan asked the Chairman to improve the turnover, production and profit further.

UNI