ET reported that the steel ministry has asked MOIL to initiate steps to increase its manganese ore production capacity to 1.5 million tonnes by 2015-16 from 1.093 million tonnes in 2009-10.

Reviewing MOIL's third quarter performance yesterday, the ministry advised the firm to expand the capacity of its mines by carrying out modernization programs and endeavor to achieve a production of 2 million tonnes by 2020.

Steel Minister Mr Beni Prasad Verma, who was present at the meeting, assured MOIL that the government will extend all possible support to ensure better performance and development of the company.

Meanwhile, MOIL has already initiated several measures, including deepening and sinking of vertical shafts, at its existing mines, besides large scale opencast development and acquisition of new mines in India and abroad to boost capacity.

The company has already embarked on an INR 1,232.25 crore capacity expansion plan for the period 2009-10 to 2016-17.

MOIL produced 814,000 tonnes manganese ore during the April to December period of the current fiscal. It clocked an INR 455.69 crore net profit during the period on a sales turnover of INR 886.09 crore. The company had reported an INR 965.47 crore turnover in 2009-10 and a net profit of INR 466.35 crore.

(Sourced from ET)