NMDC declares 85% dividend, gets new name
National Mineral Development Corporation (NMDC) has declared a final dividend of 85 per cent, amounting to Rs 112.34 crore, for the fiscal ending March 2007.
By PTI |
HYDERABAD: National Mineral Development Corporation (NMDC) has declared a final dividend of 85 per cent, amounting to Rs 112.34 crore, for the fiscal ending March 2007.
The official name of the Corporation has also been changed to NMDC Limited. The twin decisions were taken at NMDC's Annual General Meeting held here on Friday.
The state-owned company has already paid two interim dividends of 77 per cent (Rs 101.76 crore) in November 2006 and 190 per cent (Rs 251.10 crore) in February 2007, its Chairman and Managing Director B Ramesh Kumar told reporters here last night.
With this, total dividend for the fiscal works out to 352 per cent amounting to Rs 465.19 crore, of which the central government's share would be Rs 457 crore.
In line with the prevalent trend of having shorter names for companies, the Board of Directors approved a proposal to change the company's name to NMDC Limited.
The company recorded a turnover of Rs 4,186 crore and profit of Rs 3,498 crore last year. Production stood at 27 million tonnes, while exports touched 3.2 million tonnes. It has set a production target of 31 million tonnes for the current year and that for exports at 3.5 million tonnes.
Outlining the firm's growth plans, Kumar said a revised Memorandum of Understanding would soon be signed with the Railways, Chhattisgarh government and Steel Authority of India Limited for taking up broad gauge rail link between Dalli-Rajhara and Jagdalpur in the state.
Covering a stretch of 235 kms, the project would be completed in two phases at an estimated cost of Rs 970 crore.
NMDC has also evinced interest in joining the Special Purpose Vehicle, being planned by SAIL, NTPC, CIL and RINL, for coal properties abroad to meet the demand for met coke in steel plants. The proposal is awaiting the Union Cabinet's approval, he said.
On acquisitions on foreign soil, Kumar said the company was looking at opportunities for acquiring mineral rights in the Kingdom of Lesotho in Africa.
The company had recently signed an MoU with the Chhattisgarh government to form a joint venture for developing the Bailadila iron ore deposit into a modern mine to ensure adequate iron ore supply to steel plants. A joint venture company would be incorporated shortly, Kumar said.
The official name of the Corporation has also been changed to NMDC Limited. The twin decisions were taken at NMDC's Annual General Meeting held here on Friday.
The state-owned company has already paid two interim dividends of 77 per cent (Rs 101.76 crore) in November 2006 and 190 per cent (Rs 251.10 crore) in February 2007, its Chairman and Managing Director B Ramesh Kumar told reporters here last night.
With this, total dividend for the fiscal works out to 352 per cent amounting to Rs 465.19 crore, of which the central government's share would be Rs 457 crore.
In line with the prevalent trend of having shorter names for companies, the Board of Directors approved a proposal to change the company's name to NMDC Limited.
The company recorded a turnover of Rs 4,186 crore and profit of Rs 3,498 crore last year. Production stood at 27 million tonnes, while exports touched 3.2 million tonnes. It has set a production target of 31 million tonnes for the current year and that for exports at 3.5 million tonnes.
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Outlining the firm's growth plans, Kumar said a revised Memorandum of Understanding would soon be signed with the Railways, Chhattisgarh government and Steel Authority of India Limited for taking up broad gauge rail link between Dalli-Rajhara and Jagdalpur in the state.
Covering a stretch of 235 kms, the project would be completed in two phases at an estimated cost of Rs 970 crore.
NMDC has also evinced interest in joining the Special Purpose Vehicle, being planned by SAIL, NTPC, CIL and RINL, for coal properties abroad to meet the demand for met coke in steel plants. The proposal is awaiting the Union Cabinet's approval, he said.
On acquisitions on foreign soil, Kumar said the company was looking at opportunities for acquiring mineral rights in the Kingdom of Lesotho in Africa.
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Laws in Lesotho require that a company be formed to hold mineral rights. It has therefore been decided to float a subsidiary company; he said adding that the Centre has approved the proposal to open an NMDC office in Lesotho.The company had recently signed an MoU with the Chhattisgarh government to form a joint venture for developing the Bailadila iron ore deposit into a modern mine to ensure adequate iron ore supply to steel plants. A joint venture company would be incorporated shortly, Kumar said.
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Replying to a question on disruptions due to Maoist violence in Chhattisgarh, Kumar said production loss in Bailadila sector was to the tune of 8.5 lakh tonnes, amounting to Rs 115 crore in 2006-07 and about 7.5 lakh tonnes so far in the current year, resulting in a financial loss of Rs 90 crore.Start a SIP with as low as ₹500 with ET Money App!
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