NMDC gives 221 per cent dividend to government for 2008-09

The National Mineral Development Corporation (NMDC), a public sector undertaking under the ministry of steel, has declared dividend of 221 per cent during 2008-09.

Rana Som, chairman and managing director of NMDC, today handed over a dividend cheque of Rs460.28 crore to steel minister Virbhadra Singh as the final dividend for the year 2008-09. The mining major had earlier paid an interim dividend of Rs401.77 crore. This takes the total dividend paid for the last fiscal to Rs862.05 crore.

Replying to questions in Parliament, the steel minister said the cabinet committee on economic affairs (CCEA) is likely to take up the disinvestment in NMDC next month. Steel secretary Atul Chaturvedi who was present on the occasion said, that the public offering may yield about Rs13,000 crore as per the current market conditions.

The minister expressed the hope that with the global economic scenario improving NMDC will perform much better in the years to come.

Meanwhile, Bridge & Roof Company (I) Ltd, another state-run unit, also presented a dividend cheque of Rs4.32 crore and Rs55 lakh, respectively, to heavy industries minister Vilasrao Deshmukh.