# MOIL Incorporates Manganese Ore Joint Venture With MP State Mining, Holding 51% Stake

> MOIL incorporated MOIL MPSMCL Mining Limited with a 51% stake and 102,000 shares issued at ₹10 each, following DIPAM and Ministry of Steel approvals.

- Published: 2026-10-17T12:46:47+00:00
- Section: Partnerships
- Author: News Desk
- URL: https://newsforagent.com/news/2026-10-17/moil-manganese-mining-joint-venture-mpsmcl
- Source: [ScanX](https://scanx.trade/stock-market-news/companies/moil-submits-consolidated-jv-details-manganese-mining-venture/53784394)

## Key takeaways

- MOIL incorporated MOIL MPSMCL Mining Limited as a joint venture with Madhya Pradesh State Mining Corporation Limited for manganese ore mining.
- MOIL holds a 51% stake and MPSMCL holds 49%, with 102,000 equity shares of ₹10 each issued on August 1, 2026.
- The transaction is classified as a related party transaction because the State Government of Madhya Pradesh is a promoter of both MOIL and MPSMCL.

[MOIL](https://akta.pro/company-profiles/0038izn/moil) Limited has incorporated MOIL MPSMCL Mining Limited, a joint venture with Madhya Pradesh State Mining Corporation Limited, to carry out manganese ore mining. MOIL holds a 51% stake and MPSMCL holds 49%, with 102,000 equity shares of ₹10 each issued. [ScanX](https://scanx.trade/stock-market-news/companies/moil-submits-consolidated-jv-details-manganese-mining-venture/53784394) reported the incorporation.

## MOIL MPSMCL Mining Limited and Its Shareholding

The joint venture was formed after MOIL and the state corporation executed a Joint Venture Agreement. Regulatory approvals from the Department of Investment and Public Asset Management and the Ministry of Steel were secured before incorporation. The venture issued 102,000 equity shares of ₹10 each on August 1, 2026, and the consideration for the shares was paid in cash.

The State Government of Madhya Pradesh is a promoter of both MOIL and MPSMCL, so the acquisition falls within related party transactions. The filing states the transaction is conducted at arm's length. MOIL is India's largest manganese ore producer, a Government of India Miniratna PSU operating 11 mines, according to [akta.pro company records](https://akta.pro/company-data).

## MOIL's Production and Market Share Targets

MOIL's growth roadmap targets 3.5 million tonnes of manganese ore production and an increase in Indian market share from 20% to 32% by 2030, the same records show. The company reported record Q3 FY26 manganese ore production of 4.77 lakh tonnes, its highest-ever third-quarter output, and a best-ever nine-month performance of 14.21 lakh tonnes, up 6.8% year on year. Full year FY26 revenue was Rs 1,472.84 crore, a decline of 7.07% year on year.

## Earlier MOIL Manganese Expansion Moves

MOIL raised manganese ore prices by 5% across all grades effective October 1, 2026, applying to Ferro, Chemical, SMGR, and Fines grades, while the basic price for Electrolytic Manganese Dioxide remained unchanged at ₹1,80,000 per metric tonne for October 2026, ScanX reported. On September 17, 2026, BusinessLine reported that MOIL plans to boost domestic manganese production and explore overseas mines, targeting 3.5 million tonnes by 2030-31, and has signed joint ventures with the Gujarat and Madhya Pradesh governments while exploring Ghana, Mozambique, and Zambia. MOIL concluded its 64th AGM on September 18, 2026, in Nagpur, with all resolutions passed, ScanX reported.

## MOIL's Next Steps for the Venture

MOIL appointed Rajiv Atrey and Atul Sharma as General Managers (Mechanical) effective October 6, 2026, with both designated as Heads of Department for Mechanical operations, ScanX reported. The company's 64th AGM was held on September 18, 2026, at 12:30 pm via video conferencing, with remote e-voting from September 14 to 17, 2026.

## Companies in this story

- [MOIL company profile](https://akta.pro/company-profiles/0038izn/moil) · website: https://www.moil.nic.in/home

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