In order to make overseas acquisition, MOIL, the country's largest manganese ore producer has earmarked Rs 500 crore. The company is looking for mines in various geographies, including Australia and New Zealand.
The company, earlier known as Manganese Ore (India), is also ramping up its domestic capacity to meet the growing need from the local steel industry with an estimated investment of Rs 1,200 crore in phases.
MOIL’s annual production is aroundd 1.2 million tonnes (MT) now and keeping in view the demand growth in the coming years, the company aims to increase the capacity to the tune of 2.2 MT by 2020-21.
