SAIL chairman gives Rs 425 cr dividend cheque to PM

Steel Authority of India (SAIL) today said, on behalf of the state-run firm, Steel Minister Beni Prasad Verma has handed over a Rs 425.36 crore dividend cheque to the Prime Minister Manmohan Singh yesterday.

"Along with Rs 80.74 crore as dividend tax, total payment by SAIL with respect to interim dividend to the government works out to Rs 506.10 crore," SAIL said in a statement.

The company, in which government holds 85.82% stake, made a total contribution of Rs 7,737 crore national exchequer in the first nine months of the current fiscal by way of excise and custom duties, corporate tax, sales tax and royalties, it said.

The SAIL board would recommend its final dividend for the current fiscal while approving the financial results some time in the first quarter of FY12.

After obtaining shareholders' approval in September, the final dividend would be paid to the government and other shareholders of the company.

SAIL achieved Rs 33,905 crore turnover in the first nine months of the current fiscal, up by 10% over the same period last fiscal.