MOIL: To invest 1200 cr over 5 years, listing price ends up 24.40%
MOIL would invest nearly Rs 770 crore for capacity expansion and would make an additional investment of Rs 50-60 crore for automation of equipment.
By PTI |
MUMBAI: State-run MOIL plans to invest around Rs 1,200 crore over the next 4-5 years for capacity addition and production of ferro-alloy, a top company official said.
"We plan to invest nearly Rs 1,200 crore over the next 4-5 years to up our production capacity of manganese ore to 1.5 million tonnes by 2016 from the existing 1.1 million tonnes.
We would be investing nearly Rs 150 crore in the production of ferro-alloy for which we have entered into joint ventures with the Steel Authority of India (SAIL) and Rashtriya Ispat Nigam (RINL)," MOIL Chairman and Managing Director K J Singh told reporters here today.
The country's largest manganese manufacturer, made a handsome debut on both the bourses today as the scrip opened at a premium. The scrip ended at Rs 466.50 up 24.40% on BSE. On the NSE it was up 24.01% at Rs 465.05.
While it listed at a premium of 46.93 per cent on the Bombay Stock Exchange (BSE), it opened at a premium of 50.66 per cent on the National Stock Excahnge (NSE).
While the price band was fixed at Rs 340-375, the scrip of the manganese ore major opened at Rs 551 on the BSE and Rs 565 on the NSE.
The Nagpur-based company would be investing nearly Rs 770 crore for capacity expansion and would make an additional investment of Rs 50-60 crore for automation of equipments, he said.
MOIL is planning to foray into overseas markets, he said.
"We are looking at overseas acquisitions of manganese ore mines. We have already begun the process," Singh said, adding that it was looking at South Africa for its overseas investments.
MOIL plans to foray into overseas markets, he said. "We are looking at overseas acquisitions of manganese ore mines. We have already begun the process," Singh said, adding that it was looking at South Africa for its overseas investments.
The Central Government has diluted 10 per cent of its stake in MOIL, while the Maharashtra and Madhya Pradesh Governments have shed 5 per cent each through the public offer.
"We plan to invest nearly Rs 1,200 crore over the next 4-5 years to up our production capacity of manganese ore to 1.5 million tonnes by 2016 from the existing 1.1 million tonnes.
We would be investing nearly Rs 150 crore in the production of ferro-alloy for which we have entered into joint ventures with the Steel Authority of India (SAIL) and Rashtriya Ispat Nigam (RINL)," MOIL Chairman and Managing Director K J Singh told reporters here today.
The country's largest manganese manufacturer, made a handsome debut on both the bourses today as the scrip opened at a premium. The scrip ended at Rs 466.50 up 24.40% on BSE. On the NSE it was up 24.01% at Rs 465.05.
While it listed at a premium of 46.93 per cent on the Bombay Stock Exchange (BSE), it opened at a premium of 50.66 per cent on the National Stock Excahnge (NSE).
While the price band was fixed at Rs 340-375, the scrip of the manganese ore major opened at Rs 551 on the BSE and Rs 565 on the NSE.
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The Nagpur-based company would be investing nearly Rs 770 crore for capacity expansion and would make an additional investment of Rs 50-60 crore for automation of equipments, he said.
MOIL is planning to foray into overseas markets, he said.
"We are looking at overseas acquisitions of manganese ore mines. We have already begun the process," Singh said, adding that it was looking at South Africa for its overseas investments.
MOIL plans to foray into overseas markets, he said. "We are looking at overseas acquisitions of manganese ore mines. We have already begun the process," Singh said, adding that it was looking at South Africa for its overseas investments.
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The Central Government has diluted 10 per cent of its stake in MOIL, while the Maharashtra and Madhya Pradesh Governments have shed 5 per cent each through the public offer.
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