New Delhi [India], December 13 : The state-owned 'Miniratna' company MOIL on Wednesday announced that its board has approved a joint venture with Gujarat Mineral Corporation Limited (GMDC) to mine manganese ore in the state.
It will be a 51:49 joint venture between MOIL Ltd and GMDC, the company informed stock exchanges in a filing soon after its Board meeting.
Also, the company's Board has approved a draft joint venture agreement between it and Madhya Pradesh State Mining Corporation Limited (MPSMCL), for manganese ore mining in the state.
MOIL Limited is a Schedule-A, Miniratna category-1 CPSE under the administrative control of the Ministry of Steel, Government of India.
The company has an ambitious vision of almost doubling its production to 3.00 million tonnes by 2030. MOIL is now exploring business opportunities in the state of Gujarat, Rajasthan and Odisha besides other areas in Madhya Pradesh.
Manganese is mostly used to make steel and ferromanganese alloys.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor