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Stock Report
Coal India pays highest ever Dividend
Posted On : 2007-03-12 10:30:27( TIMEZONE : IST )
Coal India Limited (CIL) paid the 1st interim dividend of Rs.800 crore to the Government of India for the fiscal 2006-07. The cheque was handed over by Shri Partha S. Bhattacharyya, Chairman, Coal India Ltd. to Dr. Dasari Narayana Rao, Minister of State for Coal in the presence of Secretary, Ministry of Coal and other officials here today. Speaking on the occasion, Dr. Rao said that the total dividend payment is expected to be Rs. 1500 crore for the year 2006-07, the highest ever dividend by CIL at 23.75% of equity. He pointed out that last year CIL paid Rs. 1263 crore as dividend which was 20% of equity.
Elaborating the recent initiatives of the Government, the Minister informed that Coal India and its four subsidiaries (Western Coalfields Ltd., Mahanadi Coal Fields Ltd., South Eastern Coalfields Ltd. and Northern Coal Fields Ltd.) have been granted Mini Ratna status by the Ministry of Coal. This will facilitate faster investment decision making in these companies.
Dr. Dasari Narayana Rao also informed that in a major initiative, the Government proposes to notify Underground Coal Gasification(UCG) and coal liquefaction as eligible end uses for allocation of captive coal blocks. Underground coal gasification and coal liquefaction are being done only at a few places in the world. Shri Rao added, "we hope to offer blocks for UCG and coal liquefaction by September this year".
In addition, the Minister emphasized that speedy allocation of coal blocks for both public and private sector companies is one of this Government’s major initiatives to increase coal production in the country to meet the growing coal demand. So far, 130 coal blocks have been allocated as against 49 when UPA Government assumed office. Allocation of another 100 blocks is under progress. A production of 104 mt of coal is being targeted from captive blocks by 2011-12 as against the present production of about 17 mt.
Dr. Rao also highlighted the performance of CIL which has been consistently doing well for the last three financial years. The notable achievement being that BCCL and ECL reporting profits for the first time during the last financial year.
