Tuesday, December 23, 2014

MECL's Next Big Move: How it identifies allied activities to raise revenue

CMD Gopal Dhawan
TILL FY2009-10, Mineral Exploration Corporation Limited (MECL) was a loss-making company struggling for its existence. Today, it’s a profit-making entity with a turnover of Rs 195 crore (FY 2013-14).
Its chairman and managing director Gopal Dhawan said in an interview to a national daily on Monday that the company has now identified a set of…
allied activities to spruce up its revenue in coming years, apart from expanding its core business. It has now been focusing on modernisation of drilling fleet, chemical, physical and petrology labs, preparation of feasibility reports, acquisition of more blocks for mining leases, and expansion of exploration activities abroad, according to Dhawan in his interview to Hindustan Times.
Set up in 1972, MECL that comes under the administrative control of the union ministry of mines has so far explored 1,450 prospective exploration potentials. Its mandate is to provide high quality, cost effective and time-bound geo-scientific services for exploration and exploitation of minerals.
An M.Tech in applied geology from University of Roorkee, now an IIT, chairman Dhawan has been a driving the company since May 2012.
Will this Miniratna company find itself in the league of its big brothers—the Navratna PSUs? The answer lies in the revenues it may generate in the next couple of years. 

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