In a powerful address, Dr. Kumar paid tribute to the late Mr. Steev Jacob Reed, a pivotal figure in Fox Petroleum’s journey, whose integrity and vision continue to inspire the organization. Honoring his legacy, Dr. Kumar announced the induction of Mr. Johny Steve Reed, Steev Reed’s son, as a nominee to the Board of Directors, ensuring the Reed family’s values endure. Additionally, a charitable trust or NGO partnership was proposed to transform lives in memory of key figures like Mr. Reed, Mr. John Fox, and Engr. Bertoli Maclain, Sabiha Ma’am, and Dr. Kumar’s brother, former Group CEO Amit Kumar.

Financially, Fox Petroleum Group reported exceptional performance for the fiscal year 2024–2025, navigating global economic volatility with a net profit of $8.75 million from 1.798 million barrels of refined petroleum products and a total comprehensive income of $11.25 million. The company’s crude oil division delivered a gross profit of $3.79 billion, while the LNG division achieved a net profit of $63.1 million. With a monthly inventory valuation of $4.62 billion—comprising $1.2 billion in crude oil, $1.91 billion in LNG, and $1.51 billion in refined petroleum products—Fox Petroleum solidifies its position as a global energy powerhouse.

Dr. Kumar outlined strategic investments of the $4.5 billion cash reserve, fueling Fox Construction’s infrastructure projects, including bridges, hospitals, and smart cities, and expanding Fox Global Times into a global media leader. Two new ports and a pipeline will build on the success of the $5.6 billion Oman-India Multi-Purpose Pipeline and $2 billion Karnataka LNG FSRU, enhancing energy connectivity and generating $434 million annually from investments in 46 companies.

Fox Construction Group announced a landmark deal, monetizing a 430-acre township in Maharashtra for ₹714 crores (approximately USD 85 million), and is preparing to subcontract civil amenities for Australia’s Goulburn project. The division’s work value is projected to reach $2 billion over the next two years, with projects spanning Australia, South Africa, the UAE, and India, including an Industrial Logistics Park near Jewar Airport in collaboration with a German contractor.

In media, Fox Global Times India will lead global operations, ensuring journalistic integrity and legal compliance. Strategic alliances with a Russian news channel and a Malaysian network are in advanced stages to bolster Fox Global Times UAE. Dr. Kumar emphasized a commitment to ethical media, stating, “We must stand as a transparent, resilient institution, rising above controversy.”

Addressing governance, Dr. Kumar requested support from key stakeholders—Mr Victor, Mr. Naseer, Mrs. Taylor, and Mr. Zhaou—to secure a 5% equity stake in the Central Bank of India’s disinvestment, urging action by August 15, 2025, to meet regulatory requirements. He also appointed Dean and Dabash to lead Fly Fox operations and announced a 26% salary hike for employees below managerial level and a 5% hike for managers, alongside promoting four Associate CEOs to full CEOs.

Dr. Kumar’s address blended resolve and candor, warning against inefficiency while reaffirming his commitment to a “Family First Leadership” ethos. He introduced “Fox Family” initiatives, empowering youth and honoring veterans, and declared, “We are not just building pipelines and profits—we’re building people.” For the first time, new directors from Fox Global Times will join the board, with Dr. Kumar requesting their adherence to company protocols.

The meeting concluded with operational directives: all documents, including debit notes and grievance letters, are to be submitted by April 25, with dividends disbursed in early May. Dr. Kumar will become the primary signatory for the company’s 47 active bank accounts, streamlined from 119.

“Welcome to the new era of Fox Petroleum—where power walks, results speak, and history listens,” Dr. Kumar concluded. “We rise together, or not at all.”

The post Fox Petroleum Group Sets Strategic Direction for 2025 appeared first on NRI News.

During the AGM, Shri Mukherjee emphasized NMDC’s commitment to delivering strong volumes and meeting the domestic iron ore demand. NMDC achieved the 45MT milestone in FY24, becoming the first iron ore mining company to achieve that target, and also recorded a significant increase in sales, reaching 44.48 MT. The company’s revenue rose by 21% to Rs. 21,294 crores, with Profit After Tax (PAT) at Rs. 5,632 crores, a 2% increase from the previous year and the company’s EBITDA also saw a 28% growth.

Shri Amitava Mukherjee, CMD (Addl. Charge) stated, “NMDC’s operational excellence, financial prudence, and strategic agility have strengthened our position as a leader in the mining sector. Looking ahead, NMDC is committed to forging a path of sustainable growth and strategic capacity expansion, driven by an ambitious vision to reach 100 MT company by 2030.”

Global and Domestic Market Performance

Shri Mukherjee provided an overview of the global iron ore market, noting a stable production rate despite fluctuations due to geopolitical tensions. India recorded strong growth in iron ore production, and NMDC’s contribution to the sector was vital, securing a 16% market share in FY24.

Domestically, NMDC played a crucial role in supporting India’s infrastructure development, driven by a robust economic environment. India’s GDP growth for FY24 stood at 8.2%, significantly above the global average.

Operational Milestones and Strategic Projects

The company’s major mining projects in Chhattisgarh and Karnataka achieved their highest-ever annual production volumes. NMDC also made significant strides in resolving bottlenecks in pellet production and enhancing supply chain resilience, including the commencement of operations at its Kumar Marenga stockyard and the implementation of a 10 MTPA Rapid Wagon Loading System.

A notable achievement in FY24 was the commencement of gold mining at Mount Celia in Western Australia through its subsidiary, Legacy Iron Ore Limited. The company also resumed its operations at the Panna Diamond Mines in Madhya Pradesh.

Response to Climate Change and ESG Initiatives

NMDC reaffirmed its commitment to environmental sustainability, with ongoing efforts to reduce carbon emissions through eco-friendly ore transportation and renewable energy investments. Shri Mukherjee highlighted NMDC’s plan of laying a 15MTPA slurry pipeline, doubling the Kirandul-Kothavalasa railway line from 28 MTPA to 40 MTPA, and investing in solar and wind energy projects. NMDC is also exploring opportunities to mine critical minerals like lithium and cobalt.

The company’s ESG performance remains strong, with focused efforts on reducing greenhouse gas emissions, enhancing biodiversity conservation, and executing transformational CSR initiatives. NMDC’s flagship social programs, such as Shiksha Sahayog Yojana and Balika Shiksha Yojana, continue to make a positive impact in rural and tribal communities.

Corporate Governance and Strategic Outlook

Shri Mukherjee reiterated NMDC’s commitment to upholding the highest standards of corporate governance, ensuring transparency and accountability in its operations. NMDC’s long-term vision includes expanding its production capacity and contributing to India’s National Steel Policy, which aims to increase steel production capacity to 300 MT by that year.

“As we advance toward NMDC 2.0, we are guided by innovation, sustainability, and a shared purpose. Our new logo symbolizes our commitment to responsible mining and growth, and we are confident that with the support of our stakeholders, NMDC will continue to thrive,” said Shri Mukherjee.

The AGM concluded with shareholders expressing their continued support for NMDC’s ambitious growth plans and its dedication to creating long-term value for all stakeholders.

The post NMDC’s 66th AGM Highlights Historic Production and 100MT Vision for 2030 appeared first on NRI News.