MOIL Ltd Share Price

History of MOIL Ltd

MOIL Limited is a Schedule 'A' Miniratna Category - I Central Public Sector Undertaking. MOIL is one of the largest manganese ore producers of the country. The Company has been instrumental in fulfilling India's manganese ore needs for steel production, cementing its status as a prominent manganese mining company. It produces high, medium and low grade manganese ore. Also, they produce manganese dioxide and chemical grade manganese ore. All their mines are located in Central India, in States of Maharashtra and Madhya Pradesh, benefiting from well developed road and rail infrastructure. They are actively involved in Exploration and Development (E&D) activities to increasing their proved manganese ore reserves. The Company currently operates seven underground mines, namely Kandri, Munsar, ... Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines and three opencast mines, namely Dongri Buzurg, Sitapatore/ Sukli, and Tirodi. They also own two wind farms with a total aggregate capacity of 20 MW in Nagda Hills and Ratedi Hills near Dewas in Madhya Pradesh. MOIL Limited was incorporated on June 22, 1962 as Manganese Ore (India) Limited. On August 17, 2010, the name of the company was changed from Manganese Ore (India) Limited to MOIL Limited. Pursuant to an agreement between the Government of India and CPMO, the mining leases for manganese ore over the Nagpur, Dongri Buzurg and other areas, consumable stores and other fixed assets were transferred from CPMO to the Company. In the year 1997, CPMO transferred their entire stake to the Government of India and the company became a 100% Government owned company. Also, the Heavy Media Separation Plant located at the Belapur-Hamesha mine and other consumable stores and spares were transferred from CPMO to the company. In the year 1991, the Company set up Electrolytic Manganese Dioxide Plant at Dongri Buzurg mine. In the year 1998, they set up High Carbon Ferro Manganese plant with capacity of 10,000 TPA at Balaghat mine. In the year 2001, they set up integrated Manganese Beneficiation Plant at Dongri Buzurg mine. In the year 2006, the company commissioned wind farm with power generation capacity of 4.8 MW. In the year 2007, they set up integrated Manganese Beneficiation Plant at Balaghat mines with capacity of 0.5 million TPA. In the year 2008, they commissioned second wind farm with power generation capacity of 15.2 MW. In the year 2008, the company was conferred with Mini-Ratna Category-I status. Also, they incorporated 50:50 joint venture company with SAIL, namely SAIL and MOIL Ferro Alloys Pvt Ltd to manufacture ferro alloys at Bhilai in Chattisgarh. In the year 2009, they also incorporated 50:50 joint venture company with Rashtriya Ispat Nigam Ltd (RINL), namely RINMOIL Ferro Alloys Pvt Ltd to manufacture ferro alloys at Vizag in Andhra Pradesh. During the year 2010-11, the company came out with Initial Public Offer (IPO) and got listed on National Stock Exchange and Bombay Stock Exchange. IPO was oversubscribed by about 56 times with overwhelming response from retail and institutional investors. In 2014-15, Ministry of Mines, Government of India has recently notified MOIL for conducting exploration for various minerals all over the country. This opens up opportunities to MOIL to expand its business in this new area. MOIL has two separate Joint Ventures (50:50) with Steel Authority of India Limited (SAIL) and Rashtriya Ispat Nigam Limited (RINL) for setting up Ferro Alloys Plant. During 2018-19, Company completed deepening of Holmes (vertical) shaft from 300 mtrs. depth to 435 mtrs. depth with loading station which costed Rs. 26.50 crores in August 2018. In February 2019, it completed sinking of new vertical shaft 160 mtrs. depth including headgear, structure, winding system and other allied works at Chikla Mine which costed Rs. 38.81 crores. In September 2018, it completed deepening of vertical shaft at Kandri Mine from 185 mtrs. to 245 mtrs. and allied works which costed Rs. 17.67 crores. During 2019-20, Company completed sinking of ventilation shaft at Balaghat mine at capital cost of Rs. 8.50 crore. It completed sinking of ventilation shaft at Balaghat mine at capital cost of Rs. 4.50 crore. In April, 2020 it completed sinking of new vertical shaft, 160 mtrs. depth at Munsar Mine, which costed Rs. 51.32 Crore. In August 2020, it completed sinking of new vertical shaft, 324 mtrs. depth at Ukwa Mine, which costed Rs. 77.15 Crore. It completed shaft sinking & lining upto 200 mtrs. It has carried out 7205 mtrs. exploratory core drilling by departmental drill rig. In January 2021, it completed sinking of large dia. high speed vercal sha of 330 mtrs. depth at Gumgaon Mine, which costed Rs. 194 Crore. In February 2021, Company completed project on sinking of new vertical shaft 160 Mtrs. depth with winder, headgear and surface/ underground infrastructure at Munsar mine at capital cost of Rs. 51.32 crore. In July 2021, it completed sinking of large dia. high speed vercal of 750 mtrs. depth at Balaghat Mine which costed Rs. 259 Crore. The Company completed process of winding off of two Joint Ventures Companies (JVCs) namely, SAIL & MOIL Ferro Alloys Pvt. Ltd. and RINMOIL Ferro Alloys Pvt. Ltd. and struck off the names of both JVCs from the ROC during 2021-22. In 2022, MOIL has signed a MoU with Gujarat Mineral Development Corporation Limited (GMDC) to explore possibilities of manganese ore in Pani area of, Gujarat. A tripartite MoU between MOIL, GMDC and Mineral Exploration Corporation Limited (MECL) has also been signed to carry out exploration. During 2021-22, MOIL has carried out exploratory core drilling of 35,728 Mtrs. The projects for deepening of vertical shaft at Balaghat, Kandri and Chikla mines got completed in 2024. MOIL in collaboration with Gujarat Mineral Development Corporation Limited (GMDC), a Gujarat State enterprise, explored the possibility of mining of manganese ore in the Pani area of Gujarat and exploration results indicate availability of manganese ore and quantum of about 9.51 million MT in FY25. MOIL has signed tripartite MoU with the Govt. of Madhya Pradesh and Madhya Pradesh State Mining Corporation Limited (MPSMCL) to explore the possibilities of manganese ore in four districts, i.e., Balaghat, Jabalpur, Jhabua and Chhindwara. MOIL has completed exploration core drilling in both districts and two blocks, Bhudkum in Chhindwara and Selwa in Balaghat, were identified as suitable for mining. Mining Resource Department, Government of Madhya Pradesh also approved the draft of Joint Venture Agreement between MOIL and MPSMCL in month of May, 2025. During the financial year 2024-25, MOIL has completed 107530 mtrs. of exploratory drilling within and outside lease hold area, resulting addition of 16.07 million tons of resources. Total reserves and resources as on 31.03.2025 stand at 121.97 Million MT which includes 53.47 Million MT reserves and 68.50 Million MT resources.