Union Minister of State for Steel visits KIOCL

Hon'ble Minister of State for Steel Shri Faggan Singh Kulaste visited KIOCL's Corporate office, Bengaluru on 18th Oct 2020 and reviewed the performance of KIOCL in presence of senior officials of the Ministry and the efforts made towards implementation of new projects and the bottlenecks thereon.

Shri Subba Rao, CMD, KIOCL gave a power point presentation highlighting the detailed status of the Company and requested for expedition of the proposals from the Govt. of India for its forth coming projects. Hon'ble Minister thanked Govt. of Karnataka for recommending an Iron ore Block in Devadari range in Bellary sector in Karnataka state .He requested to expedite the statutory clearance for this project. He also stated that after the statutory clearance & the operation of Devadari mines, KIOCL is planning to set up 2.0 MTPA beneficiation and 2.0 MTPA pelletization plant. This project gives more employment opportunity for local community, development of surrounding area and also good revenue to Govt.

Speaking on the occasion, Hon'ble Union Minister emphasized that KIOCL has done pioneering work in the field of iron-ore mining and beneficiation of magnetite ore in the State of Karnataka and has been a leader in the Country for Pelletization. Hon'ble Minister further stressed that Union Government is emphasizing thrust on increased utilization of pellets as a raw material in the blast furnaces and sponge Iron Industry in the country. KIOCL can contribute immensely in utilizing these resources in the national interest.

The Minister appreciated the efforts put in by KIOCL in entering the field of solar energy and to set up a 5 Mw Solar Power plant in Tumkuru dist. of Karnataka during the current financial year. The proposed project would support the National Solar Mission programme of Govt. of India.

He expressed that keeping the above back ground and the experience to diversify & expand KIOCL's operation will create job opportunities and boost the economy.

CMD, KIOCL, stated that with the suitable patronage and support of Govt. of India in particular Steel Ministry and the Govt. of Karnataka, this Mini Ratna CPSU is all poised to get back its erstwhile shine and glory by demonstrating its core competency in Mining and Pelletization in the Country.

Shares of KIOCL Ltd was last trading in BSE at Rs.134.55 as compared to the previous close of Rs. 146.85. The total number of shares traded during the day was 21527 in over 724 trades.

The stock hit an intraday high of Rs. 150.2 and intraday low of 133.2. The net turnover during the day was Rs. 2988965.

Source : Equity Bulls

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