In order to ramp up both production and turnover of the company, Steel Minister Beni Prasad Verma urged public sector manganese ore miner MOIL to look for acquisition of mines abroad.

   In Apr-Sept 2012, MOIL's production increased by 3.69 per cent over the corresponding period in the previous year. The minster also urged the firm to raise production to meet the increasing requirement of the steel industry.

   He said this in an official statement after the half-yearly review meeting of the company. Sales turnover of the company increased by 3.27 per cent during the first half over the corresponding period last year.

   Profit After Tax decreased by 3.69 per cent compared to last year. The shortfall in profit is due to fall in international prices of manganese ore. MOIL also presented the final dividend of Rs 36.07 crore for the year 2011-12 to the Steel Minister of Steel.

   With this MOIL paid a total dividend of Rs 60.11 crore, the statement said.