Govt may lower stake in KIOCL to 25%
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KIOCL CMD M V Subba Rao said the company is ready to invest further to contribute to the government's target of 300 million tonnes of steel production by 2030.
The government is actively considering lowering its stake up to 25% in Bengaluru-based KIOCL, according to a company official.
“Equity divestment by the Government of India to bring it down its stake up to 25% to meet the Listing Obligations and Disclosure Requirements (LODR) requirement is under active discussion and all possible options are being considered,” KIOCL Director (Finance) S K Gorai said.
KIOCL is largely held by the Centre, and currently manufactures and exports high-quality iron oxide pellets to global steel players and supplies pig iron to the domestic market, from its complex in Mangaluru. KIOCL CMD M V Subba Rao said the company is ready to invest further to contribute to the government’s target of 300 million tonnes of steel production by 2030.
“Equity divestment by the Government of India to bring it down its stake up to 25% to meet the Listing Obligations and Disclosure Requirements (LODR) requirement is under active discussion and all possible options are being considered,” KIOCL Director (Finance) S K Gorai said.
KIOCL is largely held by the Centre, and currently manufactures and exports high-quality iron oxide pellets to global steel players and supplies pig iron to the domestic market, from its complex in Mangaluru. KIOCL CMD M V Subba Rao said the company is ready to invest further to contribute to the government’s target of 300 million tonnes of steel production by 2030.