MOIL Limited Logo |
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| Type | State-owned enterprise- 80% Public BSE: 533286 NSE: MOIL - 20% |
|---|---|
| Industry | Manganese ore |
| Founded | 22 June 1962[1] |
| Headquarters | Nagpur, India |
| Area served | India |
| Key people | Kumar Jitendra Singh (Chairman & MD) |
| Production output | 1,093,363 tonnes (1,205,226 tons) |
| Revenue | 10,878.53 million (US$206.69 million) (2009-10)[1] |
| Net income | 7,320.92 million (US$139.1 million) (2009-10)[1] |
| Total assets | 22,203.46 million (US$421.87 million) (Sep 2010)[1] |
| Website | moil.nic.in |
MOIL Limited (formerly Manganese Ore India Limited) is a miniratna state owned manganese ore mining company headquartered in Nagpur, India. With a market share of 50%, it was the largest producer of manganese ore in India in the fiscal 2008.[2] MOIL operates 10 mines, six located in Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya pradesh. Of the 10, seven are underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three are opencast mines (Dongri Buzurg, Sitapatore, and Tirodi).[1] Its Balaghat mine is the deepest underground manganese mine in Asia.[3]
In December 2010, the government divested about 20% of its equity through an IPO. Of the 20%, the government of India's share will be 10% and the governments of Maharashtra and Madhyapradesh will each divest 5% of the total equity.[4][5]. At present the Government of India holds 81.57% share in the company, Maharashtra government 9.62% and Madhya Pradesh Government 8.81%.[6]
MOIL was originally set up as Central Province Prospecting Syndicate in the year 1896 in the region of Maharashtra and Madhya Pradesh. It was later renamed as Central Provinces Manganese Ore Company Limited (CPMO) in 1935. In 1962, the Government of India took over the mining activities from CPMO and Manganese Ore (India) Limited was formed with 51% stake held between the government of India and the Maharashtra and Madhya Pradesh State governments and the other 49% retained with CPMO. In 1977, the balance of 49% was acquired from CPMO and MOIL became a 100% state owned enterprise.[3][7]