MOIL to invest around Rs 1,200 cr over 4-5 yrs

State-run MOIL plans to invest around Rs 1,200 crore over the next 4-5 years for capacity addition and production of ferro-alloy, a top company official said.

"We plan to invest nearly Rs 1,200 crore over the next 4-5 years to up our production capacity of manganese ore to 1.5 million tonnes by 2016 from the existing 1.1 million tonnes.

We would be investing nearly Rs 150-crore in the production of ferro-alloy for which we have entered into joint ventures with the Steel Authority of India (SAIL) and Rashtriya Ispat Nigam (RINL)," MOIL Chairman and Managing Director K J Singh told reporters here today.

The country's largest manganese manufacturer, made a handsome debut on both the bourses today as the scrip opened at a premium.

While it listed at a premium of 46.93 per cent on the Bombay Stock Exchange (BSE), it opened at a premium of 50.66 per cent on the National Stock Excahnge (NSE).

While the price band was fixed at Rs 340-375, the scrip of the manganese ore major opened at Rs 551 on the BSE and Rs 565 on the NSE.

The Nagpur-based company would be investing nearly Rs 770 crore for capacity expansion and would make an additional investment of Rs 50-60 crore for augmentation (rpt) augmentation of equipments, he said.