New Delhi: PVV Patnaik is set to be Director (Commercial) of MOIL Limited, a Miniratna PSU under the Ministry of Steel. The name of Patnaik has been recommended by a Public Enterprises Selection Board (PESB) on Monday. He is currently serving as Executive Director in the same Steel PSU. With this promotion, Patnaik will succeed TK Pattnaik.
Patnaik has been recommended for the post of Director (Commercial) of the MOIL Limited, from a list of three candidates, who were interviewed by the selection panel.
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Two other candidates who were on the list were from National Aluminium Company Limited (NALCO) and Steel Authority of India Limited (SAIL).
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.