Govt worried about KIOCL performance

The Centre has expressed concern over the fall in physical and financial performance of the Kudremukh Iron Ore Company Limited (KIOCL), which the PSU attributed to non-availability of domestic ore after ban on mining activities in Karnataka.

The Centre’s concern was conveyed by Steel Minister Beni Prasad Verma who reviewed the working of the KIOCL here on Thursday. He also emphasised on the need for setting up of beneficiation plants to meet the industry requirement.

An official release said the minister asked the company to acquire mineral assets and look for materials from alternative  sources. As he expressed concern over the fall in the physical and financial performance of the company, he emphasised the need for setting up of beneficiation plants to meet the industry requirement.

KIOCL produced 0.716 million tonne (mt) of pellets against the budgeted target of 1.250 mt which is just 57 per cent of target. The company sold 0.565 mt of pellets against the target of 1.200 mt, which is 47 per cent of the target sales. The company’s sales turnover during the first half of the year was Rs 545.81 crore against a target of Rs 1,113.16 crore.

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