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Neyveli Lignite Corp. pays Rs. 219.75 cr dividend

New Delhi, October 13, 2004

The Lignite mining premier, Neyveli Lignite Corporation (NLC) has paid a dividend of Rs.219.75 crore to the Centre for the year 2003-04. The dividend cheque was presented to the Minister of State for Coal & Mines, Dr. Dasari Narayana Rao here today by the Chairman-cum-Managing Director of NLC, Shri S. Jayaraman. Shri P.C. Parekh, Secretary, Department of Coal and other senior officers were also present on the occasion. The Minister complimented the NLC management for the good performance of the company.

For the year 2003-04, the shareholders of the company have declared a dividend of 14 per cent on the paid up capital of the company. The total dividend pay out including distribution tax amounts to Rs.264.97 crore. NLC registered a turnover of Rs.2,807.54 crore during the year 2003-04 recording a net profit of Rs.1143.51 crore. The company's net worth has increased from Rs.5,947.55 crore for 2002-03 to Rs.6,824.25 crore for 2003-04.

NLC has earned a post-tax profit of Rs.477.60 crore for the first six months of the current financial years as against the target of Rs.377.47 crore. The company has surpassed the previous records during 2003-04 with an aggregate Lignite output of 20.56 million tonnes and aggregate power generation of 16,388.98 million units.

CCEA has recently approved the company's proposals for expanding the capacity of their Mine -II and Thermal Power Station - II at a cost of Rs.4,192.06 crore. NLC currently operates three highly mechanized Open Cast Lignite Mines with a total capacity of 24 million tonnes and Thermal Power Stations with a total capacity of 2,490 MW.

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