Manganese Ore India Ltd is considering building a Rs 500-crore war chest for buying mining assets abroad, most likely in Indonesia and Turkey. The company has floated expressions of interest for some smaller deposits in Indonesia and Turkey. The company may ideally look at an M&A kitty of up to Rs 500 crore for possible acquisitions. The state-run company's move comes at a time when domestic steel majors, who also make up for over 90% of its customer base, are in various stages of expanding their steel-making capacity. MOIL has also been eyeing opportunities in South Africa, Gabon and Congo to raise its resource base in step with growing demand. Its growth plans are being driven by the estimated rise in demand for manganese in line with rising steel demand at home.
