MOIL to invest Rs 192 crore in FY15 for modernization, expansion

Manganese ore producer MOIL is planning to invest Rs 192 crore in the current fiscal towards modernization and expansion. Overall, public sector undertakings (PSUs) under the steel ministry are planning to invest Rs 15,393 crore in current fiscal.

Recently, SAIL announced that it will spend Rs 9,000 crore in current fiscal towards modernization and expansion.

MOIL is the largest iron ore company in India and fifth largest in world. It currently operates seven underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three opencast mines (Dongri Buzurg, Sitapatore/Sukli, and Tirodi). The company is actively involved in exploration and development activities with a view to increase its proven manganese ore reserves.