MOIL to set up Ferro Alloy plant at Bhilai in JV with SAIL

New Delhi, Oct 11 (UNI) Maharashtra based public sector company Manganese Ores India Limited (MOIL) presented the final dividend cheque of Rs 4.57 crores to the Steel Minister Ram Vilas paswan at a function held here today.

The dividend cheque was presented by the MOIL Chairman and Managing Director K L Mehrotra.

Speaking on the occasion Mr Mehrotra said the company has more than doubled its net profit during the first half of this financial year.

During April to September this year, the company earned net profit of Rs 116.27 crore as against Rs 50.41 crore during the same period.

He said the turnover during the first six months has increased to 6.5 lakh tonnes from 5.5 lakh tonnes last year. He said, during the year turnover is expected to be about Rs 600 crore.

He said, the company is expanding its capacity keeping the growth of capacity in steel industry. He said, MOIL is planning to set up a plant in Bhilai at a cost of Rs 260 crore. The project will come up as a joint venture with Steel Authority of India Limited (SAIL).

Receiving the cheque the Minister said the company has proved its strength and has stood up to the government's expectation. It has paid Rs.168 crore to the government revenue besides dividend.

Mr Paswan said, the company is also taking up various projects as a part of its corporate social responsibility. Asked about the capacity expansion in the steel sector, the Minister said, the government expects the capacity to reach 80 million tonnes by 2010.

The final dividend that is 20 per cent of the share value takes the total dividend paid to 100 per cent during the year. The Government of India holds 81.57 percent share in the company.

UNI