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MOIL plans JVs for overseas acquisitions

29 Dec 2010 Evaluate

Eyeing properties overseas to meet the growing domestic demand for manganese ore, which is expected to touch 4.5 million tonnes by 2012, Manganese Ore India (MOIL) has invited bids from global firms to form JVs for such acquisitions. 

The PSU is also eyeing domestic markets for its capacity expansion. It has also invited proposals from owners of mineral concessions for participation with MOIL in development of their resources. The tie up would be for supply of manganese ore to domestic ferro alloy manufacturers, besides developing new and existing mines.

MOIL, which mopped up over 1,000 crore through its initial public offer, is looking at acquisitions in South Africa, Turkey and Congo to meet the ore demand. The demand for manganese ore is expected to touch 4.5 million tonnes from the present 2.4 million tonnes in 2012, if the target for enhancing steel production capacity to 120 million tonnes is met. crackcrack

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NMDC 89.78
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