Nalco pays Rs84.22 crore dividend to government
21 Oct 2009
Navratna public sector company National Aluminium Company Limited (Nalco) has paid a dividend of Rs84.22 crore to the Government of India for the year 2008-09. A K Srivastava, chairman and managing director of Nalco, presented the cheque to the union minister for mines and development of northeastern region, B K Handique, in New Delhi today.
Nalco, a public sector undertaking under the ministry of mines, has paid 50 per cent dividend for the year 2008-09, including an interim 35 per cent paid earlier in February 2009. The balance final dividend of 15 per cent was paid this month. Together, the dividend payout works out to Rs322.15 crore, out of which the government's share is Rs280.74 crore.
The Government of India holds 87.15 per cent equity in the company. The balance amount of Rs41.41 crore is disbursed to other shareholders of the company like banks, financial institutions and individual shareholders.
Nalco's profits for the 2008-09 took a knock with the near collapse of metal prices after the global meltdown. Its profit fell to Rs1,272 crore from Rs1,632 crore earned in the previous year.
The volumes of production and sale of its products remained almost at the same level as of previous year. Nalco has ambitious plans of growth in aluminium sector and for diversification into other metal and power sector. Some of these growth projects are planned abroad.
.webp)
