New Delhi, Mar 22 (ANI): India's largest producer of Manganese ore, Manganese Ore India Limited (MOIL), presented Rs. 36.07 crore to the government as a cheque of dividend.
G.P Kundargi, the chairman and MD of MOIL, presented the cheque to Ministry of Steel Secretary (Steel) Aruna Sundararajan and Joint Secretary Urvilla Khati during an event in New Delhi.
Known as mini-ratna PSU, MOIL was originally set up in 1896 as Central Province Prospecting Syndicate, which was later renamed as Central Provinces Manganese Ore Company Limited (CPMO), a British Company incorporated in the UK.
In 1962, as a result of an agreement between the Government of India and CPMO, the assets of the latter were taken over by the Government and MOIL. It was formed with 51 percent capital held between the Government of India and the Maharashtra and Madhya Pradesh governments respectively, and the remaining balance of 49 percent by CPMO.
It was in 1977, the balance 49 percent shareholding was acquired from CPMO and MOIL became a 100 percent government company under the administrative control of the Ministry of Steel.
During the financial year 2015-16, the production of manganese ore reached up to 7.45 lakh tones in the month of December 2015.
The company has achieved a total income of Rs. 612.76 crore up to December 2015. It has earned Profit Before Tax (PBT) of Rs. 231.84 crore and Profit After Tax (PAT) of Rs. 151.61 crore up to December 2015.
