The National Aluminium Company (Nalco) board of directors has approved a 40 per cent dividend payment for 2000-01.
Nalco is slated for disinvestment in the current fiscal.This is a hike of 100 per cent, up from 20 per cent last year, an official statement today said.
"The dividend payout is the highest ever recorded by the company," a senior company official said. Nalco, in the last fiscal, had posted Rs 2406.04 crore turnover and Rs 655 crore net profit.
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The government, which disinvested 12.85 per cent on the company's equity capital of Rs 644.31 crore to financial institutions and employees, will receive Rs 224.60 crore as dividend, the release said.
Nalco has launched a Rs 4,000 crore expansion plan for smelter and mining facilities. The company has raised its mining capacity from 24 lakh tonne to 48 lakh tonne.
It proposes to increase refining capacity to 15.75 lakh tonne per annum at an estimated cost of Rs 1,664 crore.