MOIL to spend Rs. 40 crore on prospecting new areas in Maharashtra.

State-owned manganese producer MOIL is planning to spend about Rs. 40 crore on prospecting 11 blocks, involving an area of 597.44 hectares in Nagpur and Bhandara districts of Maharashtra.

'We have already taken consent of local people for prospecting and all conditions have been complied with. Now we are set to begin prospecting for the blocks. We also have forest clearance for the geophysical prospecting,' a senior official said.

The blocks are nearby the company's existing mines in Maharashtra and the state government had given prospecting license (PL) to the company in July last year.

Of this, six blocks are located in Ramtek, Saoner and Mouda tehsils of Nagpur district and five are located in Tumsar tehsil of Bhandara district.

Recently, the company, in a filing to the BSE, announced that it has executed and registered PL deeds for the blocks.


ET