N.Sridhar, Chairman and Managing Director, Singareni Collieries Company Limited handed over a cheque for Rs 132.84 crore to Telangana Chief Minister K.Chandrashekar Rao as dividend for the year 2013-14.
In the State-owned enterprise, 51 per cent equity is held by Telangana Government and 49 per cent by Government of India. The company’s paid up equity capital is Rs 1,733 crore.
In the backdrop of Rs 418 crore net profit earned by the company for the year 2013-14, the company has announced 15 per cent dividend on equity. The Company started paying dividend since 2003-04 and maximum paid so far was only 5 per cent.
Singareni Collieries plans to expedite the measures for attaining the double digit growth rate in production and also commission the power plant as per schedule in 2015.
The CMD met P.K. Srivastava, General Manager, South Central Railway and requested for augmenting supply of railway rakes from 23 per day for evacuating daily production of coal to the tune of 1.8 lakh tonnes and also accumulated coal stock of 1.50 million tonne spread over all areas of SCCL.
During the meeting, issues relating to approval of Detailed Project Report (DPR) for rail connection to Singareni Thermal Power Plant at Jaipur in Adilabad district and railway line between Bethampudi and Koyagudem were discussed.