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MOIL to close JVC SAIL&MOIL Ferro Alloys

Friday, 19 Feb 2021
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MOIL has two joint venture companies (JVC) namely SAIL&MOIL Ferro Alloys (SMFAPL) and RINMOIL Ferro Alloys (RMFAPL). 
SMFAPL was formed in 2008 under 50:50 joint venture with the Steel Authority of India (SAIL). The objective of the JV was to set up ferro alloys/manganese plant at Nandini, Bhilai in Chhattisgarh. 
Due to increase in power cost, the operations are not expected to be viable. Hence, the operations were not started in SMFAPL and as such it has been a dormant company since its incorporation in 2008. 
Since the objective of the JV could not be attainted, it has been decided to close the SMFAPL. Accordingly, the Board of Directors and the shareholders of SMFAPL have decided to strike off the name of SMFAPL from register of Registrar of Companies under the provisions of Section 248 of the Companies Act 2013. 
Since there is no operation in the JVC, there will be no impact on the performance of MOIL on account of closure of JVC. 
Also, a similar exercise of closing of RMFAPL is also under consideration by both the JV partners, i.e., MOIL and Rastriya Ispat Nigam. 
Apart from this, the Board of Directors of MOIL has already approved setting up of ferro alloys plant on its own at the company's Gumgaon mine at a capacity of 25,000 tpa and Balaghat mine at a capacity of 50,000 tpa with total estimated cost of Rs 418.82 crore.
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