PSU NEWS
KIOCL contribute Rs.10.1 Crores To PM CARES Fund
Bengaluru: KIOCL Limited, a CPSU and a pioneer in Iron Ore Mining, Beneficiation & Pelletization Technology, engaged in the business of manufacture and sale of high-quality Iron Oxide Pellets in domestic and export markets.
While declaring the production parameter for the year ended 2019-20, the CMD, Shri MV Subba Rao, stated that the company has produced 2.375 million tons of pellets as against 2.238 million tons of previous FY and dispatched 2.356 million tons as against 2.206 million tons of previous FY. Further, he stated that export market has helped to improve performance of the Company. The Company has processed different types of ores received from different locations including Iron ore slime to make charge mix economically viable.
While congratulating all the employees for achieving the above target, CMD gave credit to them for their team spirit, dedication, hard work with which company could achieve this goal. He also said about the Company’s endeavour to continuously explore opportunities to create new epicentres of growth.
Shri 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 our Pellet Plant at Mangaluru at the west coast of India. However, Company is totally depending on 100% coastal movement for all inward and outward materials.
Further, he informed that Rs.10.1 crores has been contributed to PM CARES fund which is in addition to one day salary of the employees. Also paid Rs.15 lakhs to Karnataka CM relief fund. Company has already started distributing Face masks, sanitizers, hand gloves, free food etc to the needy people at Bengaluru and Mangaluru.
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