Union Steel Secretary Binoy Kumar on Wednesday said KIOCL (formerly Kudremukh Iron Ore Company Ltd.) can become a Maharatna from a Miniratna company by diversifying its activities, the road map of which is given by Union Steel Minister Chaudhary Birender Singh.
His suggestions came while the Minister was interacting with the media after inaugurating KIOCL’s 1.3 MW solar power plant and laying foundation stone for its blast furnace plant renovation here. KIOCL, Mr. Kumar said, has already taken up several diversified activities apart from its core activity of mineral exploration and has to accomplish them without any time and cost overrun.
Mr. Singh said the company could explore the possibility of involving in the development of Chabahar port in south-east Iran where a huge potential for growth exists. KIOCL could set up a pellet plant or a plant to manufacture rails for Iran and even carry out mining operations there, the Minister noted.
The Minister said though Iran wanted to make use of its relationship with India as early as in the 1970s, the same did not happen for some reasons. There is new effort from the Narendra Modi government that the steel industry should totally be involved in development of Chabahar port, and KIOCL being the nearest destination to that port can explore options for development, Mr. Singh said.
He noted while KIOCL’s main business was to supply pellets, it has been asked to explore other activities as well when its gets connected with the activities at Chabahar port. Many activities could be taken up, including setting up of a steel or pellet plant, Mr. Singh said adding that Iran requires rails to augment transport infrastructure.
Earlier, Mr. Singh said KIOCL is in the process of obtaining statutory clearance to explore iron ore from 470.4 hectares allotted by the State government at Devadari in Sandur taluk of Ballari district. The company would open a two million tonne per annum iron ore benefication plant and 2 MPTA iron oxide pelletisation plant at Devadari Mines, he said.
