Gujarat government-promoted mining major, Gujarat Mineral Development Corporation Limited (GMDC) has registered highest ever turnover of Rs 1,414.79 crore for financial year ended on March 31, 2011, the chairman of the company informed at its 48th annual general meeting (AGM) held on Friday at Ahmedabad.
The turnover jumped by 33 per cent against Rs 1065.22 crore registered in the previous fiscal. The net profit stood at Rs 375 crores as against Rs 280 crores recorded in previous fiscal, showing a historical jump of 34 per cent, informed M Sahu, chairman of the company and principal secretary - industries, Government of Gujarat.
The shareholders and board of directors approved highest ever dividend of 150 per cent for the year 2010-11, which included a special dividend of 25 per cent announced on account of Swarnim Gujarat Year, to commemorate 50 years of formation of Gujarat State.
In his address to the shareholders, Sahu took note of the two major breakthroughs achieved by the company during the year. Government of India and the state government has granted letter of intent (LOI) to GMDC for limestone mining lease over an area of 3319 hectares in Lakhpat and Punharajpar areas in Kutch district. "We should be able to mine around 1,500 million tonnes of limestone from this area. It is going to be a remarkable milestone in the progress of GMDC," said Sahu.
He also mentioned that the wild life clearance for the Umarsar Lignite Mines has been recommended by the state government and the same has been to Government of India for final clearance. On receipt of the clearance, the company would be able to start lignite mining at Umarsar near its existing Panandhro Mines.
Commenting about the future plans of the company, Sahu mentioned that the company is proposing to set up an alumina plant with aluminium smelter in Kutch. The project is based on the abundant bauxite resource available in this region. "The technical evaluations for this project have been completed and financial bids for the project have been invited to select the most appropriate partner to implement this project," said Sahu. The estimated cost of the project is Rs 10,000 crore.
GMDC also proposes to set up a solar power plant of 5 megawatt (MW) capacity on the reclaimed mined out areas at Panandhro in Kutch. "This is a unique-of-its-kind initiative by a mining company in India. This power plant is set to be a model for other mineral players in the country to replicate," added Sahu. The company has 100 MW of wind farm operational in the state.
