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MOIL on Friday announced the closure of its joint venture company (JVC), SAIL & MOIL Ferro Alloys (SMFAPL).
SMFAPL was formed in 2008 under 50:50 joint venture (JV) with Steel Authority of India (SAIL). The objective of the JV was to set up ferro alloys/manganese plant at Nandini, Bhilai, Chattisgarh. Due to reasons including increase in power cost, the operations are not expected to be viable. Hence, the operations were -not started in SMF APL and as such it has been a dormant company since its incorporation in 2008, the company said.
It added that since the objective of the JV could not be attained, it has been decided to close SMFAPL. Accordingly, the board of directors and the shareholders of SMFAPL have decided to strike off the name of SMFAPL from register of Registrar of Companies under the provisions of section 248 of the Companies Act, 2013.
MOIL announced that the company has two Joint Venture Companies (JV) namely SAIL&MOIL Ferro Alloys (SMFAPL) and RINMOIL Ferro Alloys (RMFAPL).
SMFAPL was formed in 2008 under 50:50 Joint Venture with Steel Authority of India (SAIL). The objective of the JV was to set up Ferro Alloys / Manganese plant at Nandini, Bhilai (C. G.).
Due to reasons including increase in power cost, the operations are not expected to be viable.
Hence, the operations were not started in SMFAPL and as such it has been a dormant
company since its incorporation in 2008.
Since the objective of the JV could not be attainted, it has been decided to close the JVC
With 386 testing positive in a day, new Covid cases outnumbered 291 recoveries across Karnataka again, said the state health bulletin on Friday. With 386 new cases registered on Thursday, the state s Covid tally rose to 9,47,246, including 5,882 active cases, while recoveries increased to 9,29,058 with 291 discharged during the day, said the bulletin. Of the 5 patients succumbing to the infection, 4 were from Bengaluru and 1 from Kodagu, taking the state s death toll to 12,287 since the pandemic broke on March 8, 2020. Of the 125 patients in the intensive care units (ICUs), 63 are in Bengaluru hospitals, 9 in Kalaburagi, 8 in Tumakuru and the rest are spread in the 28 other districts across the southern state.