Singareni Collieries Company Ltd (SCCL) Chairman and Managing Director N Sridhar on Thursday handed over a cheque for Rs. 132.84 crores to Chief Minister K Chandrashekar Rao as dividend for the year 2013-14.
Energy Minister C Laxma Reddy, Special Secretary to CM S Narsing Rao, Secretary Energy Aravind Kumar were also present on the occasion.
The SCCL is a State Owned enterprise having 51 percent equity held by Government of Telangana and 49 percent by Government of India. The company’s paid up equity capital is Rs. 1733 crores. In the backdrop of Rs. 418 crores net profit earned by the company for the year 2013-14, the company has announced 15 percent dividend on equity. The Company started paying dividend since 2003-04 and maximum paid so far was only 5 percent.
Sridhar informed that the SCCL would expedite the measures for attaining the required double digit growth rate in production and also commission the power plant as per schedule in 2015. (INN)