PSU PRESS RELEASE
KIOCLs Production zoomed during third quarter
KIOCL has bounced back in production and dispatches. The production has remarkably zoomed to 150% in its third quarter target in FY 2016-17 besides achieving the MoU target. This performance increase in the third quarter has been much better than the first two quarters of current financial year and its corresponding period in last year.
Shri Malay Chatterjee, CMD, KIOCL stated that up to end of the quarter, the Company has achieved 74% of its target on cumulative basis. The Company had dispatched record 6 shipments of Pellets which is the highest in the number of shipments during the month after a gap of 5 years, inspite of lack of ore security as the Company incurs huge logistic cost in moving the ore from NMDC mine in Chhattisgarh.
The Company proposed to clock one million tonnes of pellet production at the end of January 2017 with export of 7.87 lakh tonnes, which accounts for approximately 20% of export during the year, KIOCL being a merchant Pellet Plant.
Shri Chatterjee indicated that the Company which had produced only 1 lakh tonnes during the FY 2015-16 against a depressed international market, reaching of 1 million tonnes in production and dispatch is a remarkable bounce back, inspite of embargos in pellet production and trade.
Shri Chatterjee mentioned that the Board of Directors of KIOCL limited recently on acceptance of 3rd quarter result, has recommended an interim dividend of Rs 6.97 Crores for payment, which is a welcome sign for the Company for the financial year 2016-17.
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