SIPCOT declares record dividend

Chennai, Nov 7(UNI) The State-owned Small Industries Promotion Corporation of Tamil Nadu (SIPCOT) today declared a record dividend of 25 per cent and presented a cheque for Rs 14.48 crore to the State government.

SIPCOT CMD N Govindan gave the cheque to the Chief Minister M Karunanidhi at the State Secretariat, an official release said.

For the first time in its history, since its inception in 1971, SIPCOT declared a dividend of 25 per cent and said the company earned a turnover of Rs 364.93 crore, an all-time high, thanks to the steps taken by the government for industrial development.

SIPCOT gave a ten per cent dividend of Rs 5.79 crore in 2005-06, 20 per cent to the tune of Rs 11.58 crore in 2006-07 and now it had increased it to 25 per cent, amounting to Rs 14.48 crore.

UNI GV DB 1847