News

Export market helps KIOCL to improve performance

Our Bureau Bengaluru | Updated on April 01, 2020

A view of KIOCL’s pellet plant in Mangaluru.

KIOCL Limited, a Bengaluru-based CPSU in iron ore mining, beneficiation and pelletisation, has ended the financial year (FY) 2019-20 with a production of 2.375 million tonnes of pellets as against 2.238 mt in the previous FY and dispatched 2.356 mt (2.206 mt).

Company’s CMD, MV Subba Rao, said, “The export market had helped to improve performance of the company. It has processed different types of ores received from different locations including iron ore slime to make charge mix economically viable.”

Rao also stated that this performance is highly appreciable as a merchant pellet producer, in the absence of captive raw material source, after incurring huge logistic cost in moving the iron ore from east-coast to its Pellet Plant at Mangaluru at the west coast. However, company is totally depending coastal movement for all inward and outward materials.

CMD further said that ₹10.1 crore has been contributed to PM CARES fund which is in addition to one day salary of the employees. Also paid ₹15 lakh to Karnataka CM relief fund. Company has already started distributing face masks, sanitisers, hand gloves, free food etc to the needy people at Bengaluru and Mangaluru.

Published on April 01, 2020

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like