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MOIL has drawn-up plans to invest over Rs 900 crore in capacity expansion and forward integration programme over the next five years. The company has earmarked Rs 768 crore to expand its manganese ore mining capacity from 1.1 million tonnes to 1.5 million tonnes by 2015-16. The company, formerly known as Manganese Ore India Ltd, will be investing Rs 150 crore to foray into ferro alloys manufacturing as a part of its forward integration strategy and has entered into joint venture agreements with SAIL and RINL. Steel producers consume a majority of manganese ore and with the steel production capacities set to almost double to 120 million tonnes by 2012, the demand for the ore is bound to increase. MOIL's Initial Public Offer, in which the state is diluting a 20 per cent stake by selling 3.36 crore shares, will be hitting the market on November 26.
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