KIOCL Ltd (formerly Kudremukh Iron Ore Company Ltd) is exploring new markets for sale of iron ore pellets, according to Malay Chatterjee, Chairman and Managing Director of KIOCL Ltd.
A press release by the company said here that he said this while addressing the 38th annual general meeting of the company in Bangalore on Saturday.
Chatterjee said that the company has signed an agreement with Andhra Pradesh Mineral Development Corporation and Rashtriya Ispat Nigam Ltd for exploration and exploitation of iron ore deposit in Andhra Pradesh. The exploration activities are expected to commence shortly.
He also said that the company is expecting the award of the operation and maintenance contract for the upcoming beneficiation and pelletisation plants of National Mineral Development Corporation at Donimalai in Karnataka.
KIOCL is also in discussion with Mangalore Refinery and Petrochemicals Ltd seeking a contract for the operation and maintenance of its coke handling system, he said.
Chatterjee said that the company is in active discussions with SAIL for setting up of a pelletisation plant with a capacity to produce 2 million tonnes per annum on the premises of Bokaro Steel Plant.
During 2013-14, the pellet production of the company stood at 1.71 million tonnes. It dispatched 1.61 million tonnes of pellets during the period.
The profit after tax of the company stood at ₹39.94 crore during 2013-14 as against ₹31.05 crore in 2012-13, he said.