Nagpur: Moil Limited’s board has approved a wholly owned subsidiary at GIFT City in Gujarat to explore mineral assets abroad, even as the manganese ore miner reported a 22.5% rise in net profit to Rs14.39 crore for the first half of FY27. The board took the decision at its meeting on Monday, and the new unit is subject to govt approvals.
The unit, Moil International IFSC Limited, will be fully owned by Moil, which will subscribe to 25 lakh equity shares of Rs10 each, or Rs2.5 crore.
The filing said it is meant to explore and develop overseas opportunities in mineral asset acquisition, manage overseas investments efficiently and give structural flexibility for future acquisitions. Crediting the company’s workforce for the numbers, chairperson and managing director V Suresh said, “Our strong H1 performance underlines the potential of our human resource, whose hard work remains the bedrock of our success. We are heavily prioritizing our ‘Waste to Wealth’ interventions to turn low grade mining products into high-value assets, ensuring sustainable growth. ” Looking ahead, Suresh said, “MOIL Limited is focused on exploring new growth opportunities, both in domestic and international, across mining and downstream value addition.”
Through incisive strategic planning and optimized mining practices, we have successfully unlocked new efficiencies.