MOIL and SAIL abandon JV for setting up ferroalloy plants

Monday, 22 February 2021 11:26:02 (GMT+3)   |   Kolkata
       

MOIL Limited (formerly Manganese Ore India Limited) has announced the closure of its joint venture with Indian state-run steel maker Steel Authority of India Limited (SAIL) for production of manganese ferroalloys, MOIL company sources said on Monday, February 22.

The sources said that the joint venture SAIL MOIL Ferro Alloys Limited (SMFAPL) has become a “dormant company” as it was felt that the object of the joint venture could not be attained in view of high power costs.

The project for setting up ferroalloy plants has now been abandoned and the name of the company, SMFAPL, has been struck off the records of registered companies.

The joint venture had aimed to set up a ferroalloy plant at an investment of $60 million linked to MOIL’s manganese mines, a 25,000 mt per year plant at the latter’s Gumgaon mine and another 50,000 mt ferroalloy plant linked to the Balagarh manganese mines.


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