Neyveli Lignite pays Rs 361cr dividend to Coal Ministry

State-owned Neyveli Lignite Corporation (NLC) today paid a dividend of Rs 361.02 crore to the Ministry of Coal for the 2010-11 fiscal. The dividend cheque was presented to Coal Minister Sriprakash Jaiswal by NLC Chairman and Managing Director AR Ansari, an official statement said.

In the last fiscal, the PSU had declared a 23% dividend, amounting to Rs 448.47 crore, it said. "The shareholders of the company at the 55th Annual General Meeting held on September 12 have declared a dividend at the rate of 23 per cent for the financial year 2010-11. The total dividend payout... amounts to Rs 448.47 crore," the statement said.

NLC had reported nearly flat growth in profit to Rs 342.8 crore for the quarter ended June 30 from Rs 342.1 crore in the corresponding period of 2009-10.

The company has four opencast lignite mines with a capacity of about 30.60 million tonne per annum, while it can produce about 2,740 MW of power from four power plants.