MOIL says, achieved record Rs 1,440 cr turnover in 2018-19

The state-run MOIL Monday said it has achieved a record turnover to the tune of Rs 1,440 crore for the just concluded fiscal, up 9 per cent over the previous year.

The top producer of manganese ore, MOIL, earlier known as Manganese Ore India Ltd, operates 10 mines, six located in the Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh, all of which are about a century old.

Besides, it is in the process of developing one more mine.

"MOIL Limited, the largest producer of manganese ore in the country and a Miniratna Schedule-A CPSE under the administrative control of the Ministry of Steel, has achieved the highest-ever turnover of Rs 1,440 crore during financial year 2018-19," the company said in a statement.

It said its core production jumped 15 per cent during the year, while total production crossed 13 lakh tonnes in FY19, up 9 per cent over the previous year which is the highest achievement in last ten years.

Currently, MOIL holds 34 per cent of manganese ore reserves of the country and is contributing 50 per cent of the domestic production.

"MOIL is also giving utmost thrust on expansion and modernisation of its mines to sustain production levels and attain capacity enhancement," the statement.

The company is also actively pursuing cases of prospecting and mining leases in Maharashtra and Madhya Pradesh, mostly in areas adjacent to its existing mines, it said.

"The above projects/new leases will enable MOIL move ahead towards its ambitious vision of almost doubling production to 25 lakh T by FY 2024-25," the statement said.