KIOCL celebrates its 48th foundation day at corporate office

New Delhi: KIOCL Limited, a PSU under the Ministry of Steel, celebrated its 48th foundation day at its corporate office at Koramangala, Bengaluru. During the company day celebration, KIOCL Limited's CMD T Saminathan stated in his address that the company has resumed pellet production in full swing subsequent to removal of export duty on November 2022.

Mining Lease deed has been executed in the month of January 2023 with the Govt. of Karnataka for iron ore and manganese in Devadari Range. Subsequently it was registered on January 18, 2023 and aims to commence the mine operations at the earliest.

During FY'2021-22, company’s performance was excellent but due to imposition of export duty of 45 percent on pellets on iron oxide pellets with effect from May 22, 2022, by Govt. of India, had a major blow to the production of pellets.

KIOCL under 'Atma Nirbhar Bharat' is installing non- recovery coke oven plant at Blast Furnace Unit (BFU) with indigenous technology supplier. Captive coke production will aid the Company for input cost control of BF operations.

The new vertical of Mineral Exploration (ME) is performing as per the targets set by the National Mineral Exploration Trust hopes to execute more ME Projects across the country. Recently, Mineral exploration team met Dr Raju S, DG, GSI at his office in Kolkata and had discussions regarding engagement of our Company as a service provider for the National Geophysical Survey Works.

The enterprise resource planning (ERP) has been introduced with effect April 1, 2023 to automate and manage core business process for optimal performance. CMD also stated about the company's endeavor to continuously explore opportunities to create new epicenters of growth.

KIOCL's Director (Commercial) and Director (Finance) in-charge BK Mahapatra, CVO Prashanth Kumar Balsavar, Senior officers, team members from Tech Mahindra and Grant Toronto were present on the occasion.

Disclaimer: This story is a press release and has been published without any editing by the PSU Watch desk.

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