INDIA BUSINESS WORLD - APRIL 1st - APRIL 15th - 2008
COAL INDIA PAYS THE HIGHEST EVER DIVIDEND
In an informal ceremony today in Delhi, Mr. Partha S. Bhattacharyya, Chairman, Coal India Limited (CIL) handed over a cheque of Rs. 1705.42 crore to Shri Santosh Bagrodia, Minister of State for Coal as Dividend to Government of India, for the fiscal 2007-08 in the presence of Shri Harish Chandra Gupta, Secretary to Government of India, Ministry of Coal. Present during the occasion were Directors of CIL and CMDs of subsidiary coal companies and senior officials of the Ministry of Coal.
This is the highest ever dividend paid by the coal ministry giant to Government, which constitutes 27% of the paid up equity of CIL of Rs. 6316.36 crore. Last year, CIL paid Rs. 1500 crore as dividend which was 23.75% of the equity.
Incidentally, Coal India Limited as a whole made a profit (before tax and dividend) of Rs. 9576.22 crore (provisional) against the budgeted profit of Rs. 8462.31 crore during 2007-08, while registering a growth of 12.37% over the previous year’s profit of Rs. 8522.22 crore. This is however, without taking into account the impact of National Coal Wage Agreement (NCWA) VIII.
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