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Foundry Daily News

04. February 2008

Sail, MOIL plan to set up ferro alloy project

New Delhi (India) - The country’s largest steel producer Steel Authority of India Limited (Sail) and Manganese Ores India Limited (MOIL) would set up a ferro alloy project at Bhilai in Chattisgrah. The plant would be a 50:50 joint venture between the two companies and would have a capacity of 1 lakh tones.

“The project is likely to come up with an investment of Rs 250 crore and the construction work for the project would start in a couple of months,” KL Mehrotraa, CMD, MOIL told reporters after presenting a dividend cheque of Rs.29.69 crore to the minister for steel, chemicals and fertilisers, Ram Vilas Paswan.

The company is also planning setting up a ferro alloy plant in Vishakhapatnam and has already acquired 100 acres of land for this purpose.

Besides, the company also plans to set up a sintering plant at Balaghat at a cost of Rs 18 crore. MOIL profit after tax shot up by 156% to Rs 205.50 crore during first six months of current fiscal as against Rs 80.18 crore in the same last fiscal.

Paswan on Thursday, suggested that the government should fix a certain percentage of net profit of all profit making companies both private and public, should be spend on corporate social responsibility (CSR) activities.

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