Moneycontrol
Last Updated : Mar 12, 2018 09:44 AM IST | Source: Moneycontrol.com

MOIL gains 3% on setting up ferro alloy plants at Balaghat, Gumgaon mine

The company's board in their meeting held on March 08 approved investment proposals for setting up ferro alloys plant (FAP) at Balaghat mine and Gumgaon mine.

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Shares of MOIL added 3 percent in the early trade Monday as board approved investment proposal for setting up ferro alloy plants.

The company's board in their meeting held on March 08 approved investment proposals for setting up ferro alloys plant (FAP) at Balaghat mine.

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This 50000 MTPA project involves total investment of Rs 263.82 crore and it is expected to be commissioned by the end of calendar year 2021.

The board has also approved setting up ferro alloys plant (FAP) at Gumgaon mine. The 25000 MTPA project involves total investment of Rs155 crore and it is expected to be commissioned by the end of calendar year 2021.

The setting up of the projects is a part of diversification options stipulated in the strategic management plan for the growth of the company.

At 09:18 hrs MOIL was quoting at Rs 207, up Rs 3.40, or 1.67 percent on the BSE.

The share gained 34 percent in the last 1 year.

Posted by Rakesh Patil
First Published on Mar 12, 2018 09:28 am
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