Chennai, Sept 25: Neyveli Lignite Corporation (NLC) has made it to the dividend list for the first time in its history by declaring 5 per cent on the paid-up equity capital of Rs 1,796.78 crore. The dividend amounting to Rs 89.84 crore was announced by chairman and managing director of the corporation CD Arha on Friday.The total lignite production at 181.61 lakh tonnes during 1998-99 is also a record high. Power production was at 13 billion units and power sales (export) 11 billion units. With all these the turnover of the corporation also has scaled new heights at Rs 1,703 crore. Profit before tax for the year is Rs 653 crore against Rs 448.90 crore for 1997-98. The networth of the corporation has gone up from Rs 3,647 crore to Rs 4,161.72 crore.
The corporation is showing good results for the current year also. During the first five months of 1999-2000, it has earned a pre-tax profit of Rs 189.98 crore. Overburden removal, power generation and power export during this period are ahead of the targets,says a company release.
NLC has concluded tariff agreement of its thermal power station-2 (TPS-II) with the southern regional electricity boards for sale of energy to cover the period from April 1, 1996 to March 31, 2001.
Some of the significant achievements of the corporation during 1998-99 are:-
The memorandum of understanding with the ministry of coal has achieved excellent level with a score of 1.27. Life extension programme of all the nine units of TPS I (consisting of six units of 50 mw & 3 units of 100 mw) have been completed. For mine-1 expansion supply of material for major mining equipment has been completed. TPS-I expansion works and erection of boilers have begun. Environmental clearance for mine-1A project obtained and orders for major mining equipment have been placed. Revamping of ammonia plant startedBesides these, the corporation has taken up new project formulations including the Mine-II expansion linked with TPS-II for further capacitybuild-up for an outlay of Rs 4,625 crore.
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