Rashtriya Chemicals and Fertilizers pays Rs 167.16 crore dividend to govt

State-run Rashtriya Chemicals and Fertilizers Ltd (RCF) on Wednesday paid a dividend of Rs 117.51 crore to the government for the 2019-20 fiscal and an interim dividend of Rs 49.65 crore for the current financial year. The total dividend paid amounts to Rs 167.16 crore.

The company's Chairman and Managing Director C Mudgerikar handed over the dividend cheques to Union Chemicals and Fertilisers Minister D V Sadananda Gowda here. Fertiliser Secretary R K Chaturvedi and other senior ministry officials were also present.

Speaking on the occasion, the minister said the performance of RCF has been remarkable during the current fiscal considering the disruptions caused by the corona pandemic. It is worth appreciating that despite all odds, the company has been able to register an increase of 235.65 per cent in its net profit to Rs 221.09 crore till December of the current fiscal compared to Rs 65.87 crore achieved in the year-ago period, he said in a statement.

To boost local production and reduce imports, the government said RCF has taken several measures. For instance, it has restarted methanol production at its Trombay unit and the captive requirement is being met from in-house production. Also, the company is operating an additional ammonia plant that will help reduce imports of ammonia. It is also manufacturing various industrial chemicals of high brand value to meet the market demand, it added.