SAIL pays government Rs.425.36 crore interim dividend

State-owned Steel Authority of India Ltd (SAIL) Tuesday paid Rs.425.36 crore as interim dividend to the government for its 85.82 percent holding in the firm.

Steel Minister Beni Prasad Verma presented the interim dividend cheque to Prime Minister Manmohan Singh. SAIL chairman C.S. Verma was also present on the occasion.

“In addition to interim dividend, the board of directors of the company would also recommend final dividend for the year, while approving the financial results for the year 2011-12,” SAIL said in a statement.

“It is pertinent to note that since its inception, SAIL has made total dividend pay-outs of Rs.9,392 crore equivalent to 228 percent of its paid up capital. Out of this, payment to government of India is Rs.8,092 crore, besides dividend tax of Rs.1,342 crore,” it added.

SAIL’s massive modernisation and expansion plan at an expenditure of about Rs.72,000 crore is in an advanced stage of implementation.

It achieved a turnover of Rs.35,556 crore and earned profit after tax of Rs.1,966 crore during April-Dec 2011. The net worth of the company as on Dec 31,2011 is Rs.38,562 crore.