January 15, 2002

CWC PAYS RS. 7.49 CRORE AS DIVIDEND

    Central Warehousing Corporation (CWC) has paid a dividend of Rs. 7.49 crore to the Government for the year 2000-2001. A cheque for this amount was presented to Shri Shanta Kumar, Minister of Consumer Affairs, Food and Public Distribution by Shri N.K. Choubey, Managing Director, Central Warehousing Corporation here today.

    The Corporation has been making profit right from 1966-67 and has been paying higher dividend continuously since 1989-90. From 1991-92, it has been also been disbursing at least 20% of its post-tax profit to its shareholders. Thus the Corporation has paid back a total amount of Rs. 82.94 crore to the Central Government against an investment of Rs. 37.42 crore in the share capital. The Corporation has made a net profit of Rs. 73.33 crore as against Rs. 48.30 crore during the previous year thus registering a growth of 51.8% during 2000-2001.

    The CWC alone has a total operated capacity of 84 lakh MT besides 149 lakh MTs provided by various State Warehousing Corporations (SWCs) thereby offering a total storage capacity of approx. 233 lakh MTs.

    The Corporation, which was conferred the status of Mini Ratna Category-1 in the year 1997-98 also got the ISO certification for the operations of its (Container Freight Stations) CFS at the prestigious Jawahar Lal Nehru Port during 1998-99. In the year 1999-2000 it has got ISO certification for its Corporate Office and 4 Regions comprising of 75 warehouses and 5 Construction Cells in South Zone. It is now striving for ISO certification for the remaining regions covering its entire operations, which would provide it a cutting edge in the present competitive scenario of economic liberalization.

    The Warehousing Corporation Act has now been amended, thus facilitating CWC’s setting up of operations abroad. Plans are underway to set up warehouses abroad.

    The Central Warehousing Corporation is a premier storage agency in the public sector, having a net-work of more than 400 warehouses all over India.

    Speaking on the occasion, Shri Shanta Kumar lauded the performance of the corporation for maintaining a very good track record for the past years.