Saturday September 22, 03:41 AM
Nalco pays record dividend
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By State Bureau
Shareholders of National Aluminium Co Ltd (Nalco) on Friday cleared a dividend of 75% for 2006-07, its highest ever. This includes the first interim dividend of 35%, which was paid in February, and the second interim of 15%, paid in March. The company paid a dividend of 50%, amounting to Rs 322.16 crore, the previous year. Shareholders at the 26th annual general meeting (AGM) held here on Friday approved the dividend payout of 75%, amounting to Rs 483.23 crore, on paid-up equity share capital of Rs 644.31 crore. The shareholders also approved the accounts for 2006-07, with the highest-ever sales turnover (Rs 6515 crore), export earnings (Rs 2585 crore), and net profit (Rs 2381 crore). Chairman CR Pradhan said Nalco is examining some proposals for a joint venture smelter project overseas for the third consecutive year, to add value to surplus alumina of 12 lakh tonne. On the 70 million tonne 'Utkal-E' coal block, allotted by the Centre to Nalco for new units at its captive power plant, Pradhan said the mining operations are scheduled to commence by the end of 2008. "Besides, Nalco is also pursuing the government for new bauxite mining leases at Gandhamardan, Pottangi bauxite deposits in Orissa, and Jerrela bauxite deposits in Andhra Pradesh," Pradhan said. The chairman said the company utilised internal cash generation to meet its working capital and capex requirements and had not utilised any borrowing facility during the year. However, he added, to meet the foreign cost component of the ongoing project, Nalco is in the process of tapping external borrowings to raise 150 million euro. "Quite a few banks and merchant bankers have responded to the bids," Pradhan said.
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