New Delhi: The Appointments Committee of the Cabinet (ACC) has approved the appointment of PVV Patnaik as Director (Commercial) of MOIL Limited, a Miniratna PSU under the Ministry of Steel. He is currently serving as Executive Director in the same Steel PSU. With this promotion, Patnaik will succeed TK Pattnaik. According to an order from the Department of Personnel & Training (DoPT), Patnaik has been appointed for a period with effect from the date of his assumption of charge of the post on or after August 1, till the date of his superannuation i.e. August 31, 2023, or until further orders, whichever is earlier.
PVV Patnaik has been appointed as Director (Commercial) of MOIL Limited for a period with effect from the date of his assumption of charge of the post on or after August 1, till the date of his superannuation i.e. August 31, 2023, or until further orders, whichever is earlier
Earlier, PSU Watch had reported that Patnaik was recommended for the post of Director (Commercial) of MOIL Limited by a PESB panel on Januaury 20. He was selected from a list of three candidates, who were interviewed by the selection panel.
MOIL Limited, formerly known as Manganese Ore India Limited, is a Miniratna state-owned manganese-ore mining company headquartered in Nagpur. With a market share of 50 percent, it was the largest producer of manganese ore in India till the fiscal year 2008. MOIL Limited has been ranked #486 among the 500 top companies in India and 9th in the Mines and Metals Sector of the Fortune India 500 list for 2011. MOIL operates 10 mines, six located in Nagpur and Bhandara districts of Maharashtra and four in the Balaghat district of Madhya Pradesh. Of the 10, seven are underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three are opencast mines (Dongri Buzurg, Sitapatore, and Tirodi). Its Balaghat mine is the deepest underground manganese mine in Asia.
In December 2010, the government divested about 20 percent of its equity through an IPO. Of the 20 percent, the Government of India's share will be 10 percent, and the governments of Maharashtra and Madhya Pradesh will each divest 5 percent of the total equity. At present, the government holds 56.01 percent share in the company, the Maharashtra government has 4.71 percent, and Madhya Pradesh Government holds 4.97 percent.