Govt may lower stake in KIOCL to 25%

The government is actively considering lowering its stake up to 25% in Bengaluru-based KIOCL, according to a company official.

“Equity divestment by the Government of India to bring it down its stake up to 25% to meet the Listing Obligations and Disclosure Requirements (LODR) requirement is under active discussion and all possible options are being considered,” KIOCL Director (Finance) S K Gorai said.

KIOCL is largely held by the Centre, and currently manufactures and exports high-quality iron oxide pellets to global steel players and supplies pig iron to the domestic market, from its complex in Mangaluru. KIOCL CMD M V Subba Rao said the company is ready to invest further to contribute to the government’s target of 300 million tonnes of steel production by 2030.