Steel Minister Reviews the Performance of KIOCL Ltd.
The Minister of Steel Shri Beni Prasad Verma has reviewed the performance of KIOCL Ltd. (Formerly Kudremukh Iron Ore Company Limited) for the 1st quarter of the year 2011-12 here today. The CMD of KIOCL Shri K. Ranganath apprised the performance of the company and highlighted its significant achievements and challenges before the Company.
The Company despite not having any captive mines and despite depending on procured iron ore fines from M/s NMDC, made a production of 369 thousand tonnes of Pellets during 1st quarter of current financial year against the target of 516 thousand tonnes. The Company earned a profit before tax of Rs. 20.30 crores against the MOU projected loss of Rs. 1.96 crore. The Company has shown keen commitment to various social causes through its Corporate Social Initiatives measures such as aid to educational institution, health care, community development and building talent.
The Company has also undertaken various measures for increasing production and technology up-gradation which includes installation of Pressure Filters, Derrick Screening Systems and Construction of Storage Silo. In addition, major capacity expansion programme like setting up Ductile Iron Spun Pipe Plant, Coke Oven Battery Project have been undertaken.
Shri K. Ranganath also cited various challenges before KIOCL which included allocation of captive mines, ensuring uninterrupted water supply to the pellet plant at Mangalore and gainful utilization of mining and beneficiation assets held by the Company.
The CMD has thanked the Minister for timely interventions and guidance which have helped the company to move out of difficult situations faced in the recent past.
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