Companies

MOIL to invest Rs 62 cr in 10.5-MW solar power project

PTI New Delhi | Updated on February 10, 2016

State-run MOIL today said its board has approved an investment to the tune of Rs 61.83 crore for setting up a solar power project for captive use.

“The board of directors of the company at its meeting held on February 10, 2016, has approved an investment proposal for setting up 10.50 MW solar power project for captive use in the lease hold areas of company’s mines situated in Madhya Pradesh and Maharashtra, with a total estimated cost of Rs 61.83 crore,” the company said in a BSE filing.

The company had yesterday reported that its standalone net profit for the quarter ended December plunged 87.8 per cent to Rs 13.16 crore due to lower income.

The company’s income from operations declined 59.7 per cent to Rs 87.81 crore from Rs 218.38 crore in the corresponding quarter a year ago, the filing said.

Published on February 10, 2016

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