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.