Moil Ltd pays Rs 42.08 crore dividend to Centre

NEW DELHI: Moil Ltd today paid Rs 42.08 crore dividend for 2013-14 to the Government for its 71.57 per cent stake in the country's largest manganese ore producer.

The company had declared 35 per cent dividend for the year 2013-14, an official statement said.

Company Chairman and Managing Director G P Kundargi handed over the dividend cheque to Union Minister for Steel, Mines and Labour and Employment Narendra Singh Tomar here.

During the year 2013-14, MOIL Ltd produced 11.35 lakh tonnes manganese ore and clocked a total income of Rs 1,324.60 crore. It reported Rs 509.56 crore profit after tax.

Apart from 71.57 per cent stake held in the company by Government of India, Government of Maharashtra and Government of Madhya Pradesh hold 4.62 per cent and 3.81 per cent stake respectively in the company. Public hold 20 per cent stake in the firm.

Tomar assured full support to MOIL Ltd for better performance and further development and grant of mining leases in favour of the company, the statement said.