The announcement was made during market hours today.

KIOCL is a flagship company under the Ministry of Steel, GOI, with Mini Ratna status. It is an export-oriented unit with expertise in iron ore mining, filtration technology and production of high-quality pellets. The company has also ventured into operating and maintenance (O&M) services for steel projects.

The company had reported a net loss of Rs 58.04 crore in the quarter ended June 2023 as against net loss of Rs 43.78 crore during the previous quarter ended June 2022. Sales rose 36.90% to Rs 501.38 crore in Q1 FY24 over Q1 FY23.