The Hindu Business Line : NLC net up at Rs 1,215 cr

Mr S. Jayaraman (right), Chairman and Managing Director, Neyveli Lignite Corporation Ltd, and Mr R. Narasimhan, Director (Personnel), at a press conference in Chennai on Wednesday — Bijoy Ghosh

Chennai , June 8

NEYVELI Lignite Corporation Ltd (NLC) has reported a net profit of Rs 1,215 crore (Rs 1,143.51 crore) on a sales turnover of Rs 3,001.94 crore (Rs 2,806.09 crore) for the year ended March 31, 2005.

The board of directors has recommended a final dividend of Rs 1.40 a share (14 per cent) taking the total dividend for the year to Rs 2 a share (20 per cent).

Addressing a press conference, Mr S. Jayaraman, Chairman and Managing Director, NLC, said the company mined 215.67 lakh tonnes of lignite during the year, against 205.57 lakh tonnes the previous year.

It produced 16,746.33 million units (MU) of power against 16,388.98 MU the previous year.

Mr Jayaraman said NLC was able to fully realise the current bills for electricity supply during the year.

Power dues as on March 31, 2005 stood at Rs 320.12 crore, which is equivalent to 48 days of sales, compared to last year's outstanding dues of Rs 570.59 crore, equivalent to 79 days of sales.

Mr Jayaraman said two major projects were under implementation — the expansion of Mine-II from 10.5 million tonnes a year to 15 million tonnes and the expansion of the thermal power station-II by 500 MW.

Besides, it will take up a 2-million tonnes a year lignite mine and a 250-MW power plant in Rajasthan. The power plant will be commissioned in 2008.

NLC will also put up a 2,000-MW coal-based power project in Orissa, jointly with Mahanadi Coalfields, a subsidiary of Coal India Ltd.

A feasibility report for this project is being prepared. The project envisages mining about 15 million tonnes of coal a year and putting up the power plant. On funds, Mr Jayaraman said the company had tied up about Rs 2,500 crore of loans with a consortium of banks at an interest of 7-7.5 per cent.

This will cover the initial requirement of the Mine-II expansion, the thermal plant - II expansion and the Rajasthan project.

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