Gujarat Mineral Development Corporation (GMDC) a state-promoted mining major has registered 34 per cent rise in the net profits from Rs 280 crore to Rs 375 crore for the financial year ended March 31, 2011.
The company's board of directors has recommended a dividend of 150 per cent for the year 2010-11.
The company has registered the highest ever turnover of Rs 1,414.79 crore for the year, which was up by 33 per cent against Rs 1,065.22 crore recorded in the previous year, the company said in an official statement.The company has achieved 10.23 million tonnes of lignite production during the year. Further GMDC is proposing to set up a pyrite removal plant of 1.5 million tones per annum capacity at its Bhavnagar mines, which would enhance the lignite quality and in turn benefit the end users.
The company is also proposing to set up a lime crushing plant with a capacity of 200,000 metric tones per annum at its Panandhro Lignite mines, which would enhance the quality of limestone for cement industry and power plant.
The company has performed well in bauxite with a growth of 124 per cent in production or sale of 0.7 million tonnes during current fiscal as against 0.3 million tonnes during the previous year.