KIOCL PAYS RS. 21.99 CRORE DIVIDEND TO GOVERNMENT

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The public sector Kudremukh Iron Ore Company Ltd. (KIOCL), a 100 per cent export oriented unit of the Steel Ministry paid dividend of Rs. 21.99 crore to the Government of India for the financial year 2002-03. KIOCL has been paying 3.5 per cent dividend since last seven years. The sales turn over during 2002-03 was Rs. 727 crore and the total dividend paid out was Rs. 22.21 crore excluding payment of dividend tax of Rs. 2.85 crore.

A cheque for Rs. 21.99 crore was handed over here today to the Union Minister for Steel, Shri Braja Kishore Tripathy by the Chairman-cum-Managing Director, KIOCL, Shri P.Ganesan. Shri V.K.Duggal, Secretary, Steel and other senior officials of the Ministry were present.

The company produced 5.53 million tonnes of concentrate and 3.45 million tonnes of pellets during the year 2002-03. The exports were of the order of 2.3 million tonnes of concentrate and 3.54 million tonnes of pellets The performance of the company was rated excellent under the MoU. It is an ISO 9001:2000 and ISO 14001company, conferred with a Golden Star Trading House Status.