Nalco announces second interim dividend of 15 pc

Bhubaneswar, Mar 13: The National Aluminium Company Limited (NALCO), leading manufacturer and exporter of alumina and aluminium - in the country, has announced second interim dividend of 15 per cent on a total paid-up capital of Rs 644.31 crore for the 2006-07.

Earlier, the company had paid an interim dividend of 35 per cent last month. With the latest dividend, the pay out works out to be Rs 322.15 crore and a total 50 per cent interim dividend.

During 2004-05 and 2005-06, the company had paid 40 per cent and 50 per cent dividend, respectively,on the same paid-up capital.

Meanwhile, the company has signed a Memorandum of Understanding (MoU) with the Ministry of Mines for the financial year 2007-08 for a projected over 100 per cent capacity utilization of its aluminium smelter and alumina refinery.

The company has also projected higher financial targets and financial commitments to ensure smooth completion of Rs 4091 crore second Phase Expansion projects in time.

NALCO has agreed to focus on completing the various aspects of recently allotted Utkal-E coal block for forward integration, joint venture for greenfield smelter and setting up of a caustic soda plant for backward integration in Orissa, besides market survey for any auto sector project.

UNI