State-run MOIL today said its board has approved an investment to the tune of Rs. 61.83 crore for setting up a solar power project for captive use.
“The board of directors of the company at its meeting held on February 10, 2016, has approved an investment proposal for setting up 10.50 MW solar power project for captive use in the lease hold areas of company’s mines situated in Madhya Pradesh and Maharashtra, with a total estimated cost of Rs. 61.83 crore,” the company said in a BSE filing. The company had yesterday reported that its standalone net profit for the quarter ended December plunged 87.8 per cent to Rs. 13.16 crore due to lower income.