KIOCL records a unprecedented growth of 114%

KIOCL records a unprecedented growth of 114%

Mangalore Today News Network

Mangaluru Oct 04 2019: KIOCL  has made a business of Rs 2,012.68 crore in the financial year 2018-19. KIOCL Limited, formerly Kudremukh Iron Ore Company Limited is a Government of India enterprise.

 

KIOCL Chairman and Managing Director M V Subba Rao told media at Patrika Bhavan, that the company posted profit before tax of Rs 184.12 crore, witnessing a year on year (YoY) growth of 114%. “The company has produced 2.24 million tonnes and dispatched 2.21 million tonnes of pellets. Also, 1.52 million tonnes out of the 2.21 million tonnes of pellets were exported during the year, which is the highest quantity of pellets exported since the closure of its captive mines in Kudremukh,” he explained.

The CMD further said that, under the ‘Make In India’ programme, the company had utilised the spare capacity of its pellet plant for tolling purpose to optimise the production capacity and converted the imported ore into pellets. KIOCL also had entered the high grade new pellet market where premium is high and is used for making quality steel.

Future projects  :  Subba Rao said that KIOCL will be investing to the tune of Rs 3,500 crore in the next three years. “The company has also been working to expand its presence in global market. The process of obtaining clearance for the mining operation at Devadari range of Sandur taluk in Ballari district is underway,” he stated.

“After obtaining the statutory clearances, KIOCL will set up 2 MTPA iron ore beneficiation plants and 2 MTPA iron oxide pelletisation plants on execution of mining lease and preparation of the detailed project report (DPR). In addition, KIOCL is setting up a 2.0 LTPA DISP Plant, 1.8 LTPA-capacity Coke Oven Plant and 10 MW Co-generation Captive Power Plant under backward integration projects along with modernization of Blast Furnace Unit and a 2 MTPA capacity port-based Pellet Plant,” Rao also explained.

“KIOCL will also set up of a 2 MTPA-capacity port-based pellet plant where RINL will have security for raw materials and market. A joint venture agreement shall be signed in this regard,” the chairman said.

He added that the company will set up a 5 MW solar plant in the present financial year. The company has already set up a 1.30 MW solar power plant on its BFU premises in Mangaluru.