NewDelhi : MOIL Limited, a Schedule A Miniratna Category-I CPSE under the Ministry of Steel, Govt. of India, has signed a Memorandum of Understanding (MoU) for FY 2018-19 with the Ministry of Steel.
The MoU envisages an ambitious production target of 13.25 lakh tonnes of manganese ore and sets capex target of around Rs. 200 crores, besides turnover and related financials, project implementation, R&D, customer satisfaction, human resource management, etc.
During 2017-18, MOIL has achieved significant growth of 19.53% in production of ore and has also registered highest production and sales of lumps and chips (excluding fines). The Company is the largest producer of manganese ore in the country and produces around 50% of the country’s production of manganese ore.
The MoU was signed by Dr. Aruna Sharma, Secretary to Govt. of India on behalf of Ministry of Steel and Shri M. P. Chaudhari, Chairman-cum-Managing Director, on behalf of MOIL. This is the 23rd consecutive year that MOIL has signed MoU with the Government of India.