MUMBAI, Oct 20 (Reuters) - State-run Manganese Ore India Ltd (MOIL) plans to invest 7.7 billion rupees ($175 million) over the next five years to boost capacity at its existing mines by about 40 percent, its chairman said on Wednesday.
'The country's programme is to enhance steel capacity sharply, and requirement for manganese will be proportionate. We want to keep our market leadership,' Chairman K.J. Singh told Reuters in an interview.
The Nagpur-based firm, which is the largest producer of manganese ore in India, plans to come out with its 33.6 million share initial public offer (IPO) in the last week of November.
The offer is expected to raise up to $270 million, banking sources said.
MOIL produces more than half the manganese ore, an essential element in steelmaking, used in India. It operates 10 mines in the central Indian region covering Maharashtra and Madhya Pradesh.
MOIL filed a draft prospectus in September for its IPO. The federal government is selling 10 percent stake in the offer, while the state governments of Maharashtra and Madhya Pradesh are selling 5 percent each.
IDBI Capital, Edelweiss Capital and JP Morgan are the managers to the issue.
($1=44.3 rupees)
(Reporting by Prashant Mehra and Siddesh Mayenkar; editing by Malini Menon)
((prashant.mehra@thomsonreuters.com; +91 22 6636 9029; Reuters Messaging: prashant.mehra.reuters.com@reuters.net)) Keywords: MANGANESE INDIA/ (If you have a query or comment on this story, send an email to newsfeedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'The country's programme is to enhance steel capacity sharply, and requirement for manganese will be proportionate. We want to keep our market leadership,' Chairman K.J. Singh told Reuters in an interview.
The Nagpur-based firm, which is the largest producer of manganese ore in India, plans to come out with its 33.6 million share initial public offer (IPO) in the last week of November.
The offer is expected to raise up to $270 million, banking sources said.
MOIL produces more than half the manganese ore, an essential element in steelmaking, used in India. It operates 10 mines in the central Indian region covering Maharashtra and Madhya Pradesh.
MOIL filed a draft prospectus in September for its IPO. The federal government is selling 10 percent stake in the offer, while the state governments of Maharashtra and Madhya Pradesh are selling 5 percent each.
IDBI Capital, Edelweiss Capital and JP Morgan are the managers to the issue.
($1=44.3 rupees)
(Reporting by Prashant Mehra and Siddesh Mayenkar; editing by Malini Menon)
((prashant.mehra@thomsonreuters.com; +91 22 6636 9029; Reuters Messaging: prashant.mehra.reuters.com@reuters.net)) Keywords: MANGANESE INDIA/ (If you have a query or comment on this story, send an email to newsfeedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.