The Union Minister of Steel, Shri Beni Prasad Verma has reviewed the performance of Metallurgical & Engineering Consultants Ltd (MECON) and Manganese Ore India Ltd (MOIL) for the year 2011-12.
Shri K.K. Mehrotra, CMD, MECON made a presentation showing how MECON achieved a record turnover of Rs. 643.83 crores and a Profit After Tax of Rs. 136.36 crores. The net worth of the company as of 31.3.2012 became Rs. 314.98 crores which was Rs.203.97 crores at the end of March 2011.
MECON provides engineering and consultancy services to steel producers in private sector as well as SAIL units at Bokaro, Rourkela, Durgapur, Burnpur & Bhilai. In addition to this, MECON is also providing project management services for 2.5 Mtpa steel plant of ISP, Burnpur and 3 Mtpa plant of NMDC. The company has made inroads in power, oil & gas and infrastructure sectors and diversification in areas other than metal have paid rich dividends.
Some of the projects where MECON has provided consultancy services include Sinter Plant-III at SAIL’s Rourkela Steel Plant, Coke Oven Battery No. 1 & 2 of SAIL’s Bokaro Steel Plant, 501 km long Bawana-Nangal Natural Gas Pipeline (BNPL) of M/s GAIL, Project Seabird Phase-I by Raksha Mantri, Blowing-in of the largest Blast Furnace in India at JSW Ltd., Toranagallu and 5000 mm Plate Mill at Jindal Steel & Power Ltd., Angul.
Reviewing the performance of MOIL Limited, a Miniratna – Category I PSU under the Ministry of Steel, Shri Verma asked the Company to diversify into value added products and increase production.
Shri K.J. Singh, CMD MOIL informed that the company registered a production of 10.70 lakh tonnes of manganese ore as compared to 11.50 lakh tonnes during the previous year. He added that the reduction in production was due to slackness in the market, less demand for fines grade ore and import of ore from other countries.
Other highlights include MOIL taking up large scale development work in opencast and underground mines and acquisition of new mines in India and abroad. Besides, turnover of MOIL during 2011-12 was Rs.905.68 crores as compared to Rs.1145.31 crores in the last fiscal. Also, the net profit of the company went down to Rs.410.77 crores from Rs.588.06 crores during the previous year. The company has spent a sum of Rs.6.55 crores towards Corporate Social Responsibility (CSR) during 2011-12.
The Secretary, Ministry of Steel Shri D.R.S. Chaudhary was also present on the occasion.