Chennai, May 27: The Public sector Neyveli Lignite Corporation (NLC) has reported a turnover of Rs 2981.65 crore during 2007-08, registering a 41 per cent growth over the previous year.
Addressing a press conference here, Mr S Jayaraman, Chairman and Managing Director said the year 2007-08 has been a successful and eventful year for NLC as it scaled new heights in performance in the areas of lignite mining and power generation. It was a whopping 94 per cent growth in profit after tax, which stood at Rs 1101.57 crore during 2007-08, compared to Rs 566.78 crore in 2006-07. The profits have been driven mainly from better capacity utilisation, he said.
The lignite production of 21.586 Million Tonnes (MT) during 2007-08 was the highest for any year since the inception of the Corporation, he said, adding the lignite production of 3.327 MT from Mine 1A has exceeded the installed capacity of 3.00 MT for the fourth year in succession.
The Corporation also created a new record in power generation.
The power generation at 17455.90 Million Units (MU) and power export at 14775.22 MU were the highest since inception, he said.
Mr Jayaraman said the Rs 2161.28 crore Mine II expansion, sanctioned by the centre in October 2004, is expected to be commissioned during 2008-09.
He said the Union Government has sanctioned a 1000 MW coal based thermal power plant at Tuticorin on May 12. The project would be implemented by NLC Tamil Nadu Power Limited, a joint venture company by NLC and Tamil Nadu Electricity Board (TNEB).
The Centre has also sanctioned advance action proposal for Hadla Lignite Mine cum Power Project (Barsingsar Extension), a 2.5 MT Lignite mine linked with 250 MW of power and 2X500 MW Thermal power project in Neyveli in lieu of TPS first unit, he said.