NALCO pays Rs. 84.22 crore dividend to Government

New Delhi, Oct 21 (ANI): The National Aluminium Company Limited, (NALCO) has paid a dividend of Rs. 84.22 crore to the Government of India for the year 2008-09.

The cheque was presented to Union Minister for Mines and Development of North Eastern Region, B. K. Handique by the CMD of NALCO, A. K. Srivastava, here today.

The Secretary, Ministry of Mines,. Shantha Sheela Nair was also present on the occasion.

The NALCO, a Navrathna public sector undertaking of Ministry of Mines, has paid 50 per cent dividend for the year 2008-09.

Of the total 50 per cent dividend, interim at 35 per cent was paid earlier in February, 2009 and the balance final dividend at 15 per cent has been paid this month.

Together, the dividend pay-out works out to Rs. 322.15 crore out of which the Government share is Rs. 280.74 crore.

The Government of India holds 87.15 per cent equity in the Company.

The balance amount of Rs. 41.41 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 melt down.

The profits reduced to Rs. 1,272 Crore from Rs. 1,632 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.

The Company has ambitious plans of growth in aluminium sector and for diversification in other metal and power sector. Some of these growth projects are planned abroad. (ANI)