The ailing Mysore Minerals Ltd, a state-owned enterprise, has sought the state governments permission to allow the company to increase its authorised share capital from the existing 70 million rupees to 250 million rupees. The proposal was placed before the government as the company is making a revival after three years, according to Mysore Minerals managing director IR Perumal. The company, with an accumulated loss of 29 rupees crore has made an operational profit of 12.5 million rupees in the fiscal 2001-02 with a turnover of 34.51 million rupees. The increase in share capital will enable the company to avail of loan facilities from banks and other financial institutions", Perumal said. The 32-year old company fell into bad times following the Supreme Court banning mining actvities in 12 managanese mines and three iron ore mines of the company located in the Western Ghats on envioromental grounds in 1996. Following this, the company was forced to stop operations in these mines accounting for nearly 35 to 40 per cent of the revenue, he said.
NSTL
