Nalco pays Rs84.22 crore dividend to govt
National Aluminium Company Limited (Nalco) has paid a dividend of Rs84.22 crore to the Government of India for the year 2008-09. The cheque was presented to the Union Minister for Mines and Development of North Eastern Region, B K. Handique by the CMD of Nalco, A K. Srivastava. The Secretary, Ministry of Mines, Shantha Sheela Nair was also present on the occasion.
Nalco, a Navratna public sector undertaking of Ministry of Mines, has paid 50% dividend for the year 2008-09. Of the total 50% dividend, interim at 35% was paid earlier in February, 2009 and the balance final dividend at 15% has been paid this month. Together, the dividend payout works out to Rs322.15 crore of which the government’s share is Rs280.74 crore.
The Government of India holds 87.15% 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 2008-09 took a knock with the near collapse of metal prices after the global melt down. The profits reduced 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. The company has ambitious plans of growth in aluminium sector and for diversification in other metal and power sectors.