Industry Manganese ore Headquarters India | Area served India Founded 22 June 1962 | |
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Type State-owned enterprise- 80%
Public BSE: 533286 NSE: MOIL - 20% Key people Mukund Chaudhari
(Chairman & MD) Production output 1,093,363 tonnes (1,205,226 tons) Revenue ₹6,287 million (US$93 million) (2015-16) Stock price MOIL (NSE) ₹ 320.90 +4.30 (+1.36%)16 Mar, 3:30 PM IST - Disclaimer | ||
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 year 2008. MOIL Limited has been ranked #486 among the 500 top companies in India and 9th in the Mines and Metals Sector of the Fortune India 500 list for 2011. 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). Its Balaghat mine is the deepest underground manganese mine in Asia.
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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 Madhya Pradesh will each divest 5% of the total equity. At present, the Government of India holds 81.57% share in the company, Maharashtra government has 9.62%, and Madhya Pradesh Government holds 8.81%.
The shares were listed in 2011 at Rs 440, went down to a low of Rs 188 in July 13 and Feb 15, before recovering currently to Rs 351.
History
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. Then, Manganese Ore (India) Limited was formed with 51% stake held between the Government of India and the Maharashtra and Madhya Pradesh State governments. The other 49% was retained with CPMO. In 1977, the balance of 49% was acquired from CPMO, and MOIL became a 100% state-owned enterprise.