MOIL Team approves Solar Investment of Rs 61.83 crore

State-run MOIL announces that its board team has accredited investment proposal for setting up 10.50 MW solar power project for captive use in the lease hold areas of company’s mines situated in Madhya Pradesh and Maharashtra, with a total estimated cost of Rs 61.83 crore.

“The Board of Directors of the company at its meeting held recently has approved investment proposal for setting up 10.50 MW solar power project for captive use in the lease hold areas of company’s mines situated in Madhya Pradesh and Maharashtra, with a total estimated cost of Rs 61.83 crore,” the company said in a BSE filing.

“The Board of Directors of the company at its meeting held on February 10, 2016, has approved investment proposal for setting up 10.50 MW solar power project for captive use in the lease hold areas of company’s mines situated in Madhya Pradesh and Maharashtra, with a total estimated cost of Rs 61.83 crore,” the company said in a BSE filing.

The company’s income from operations declined 59.7 per cent to Rs 87.81 crore as against Rs 218.38 crore in the corresponding quarter a year ago, the filing said.