Moil Ltd pays Rs 42.08 cr dividend to Centre

Moil Ltd today paid Rs 42.08 crore dividend for 2013-14 to the Government for its 71.57% stake in the country's largest manganese ore producer.

The company had declared 35% dividend for the year 2013-14, an official statement said.

Company Chairman and Managing Director G P Kundargi handed over the dividend cheque to Union Minister for Steel, Mines and Labour and Employment Narendra Singh Tomar here.

During the year 2013-14, MOIL Ltd produced 11.35 lakh tonnes manganese ore and clocked a total income of Rs 1,324.60 crore. It reported Rs 509.56 crore profit after tax.

Apart from 71.57% stake held in the company by Government of India, Government of Maharashtra and Government of Madhya Pradesh hold 4.62% and 3.81% stake respectively in the company. Public hold 20% stake in the firm.

Tomar assured full support to MOIL Ltd for better performance and further development and grant of mining leases in favour of the company, the statement said.