Steel Minister Presents SAIL’s Interim Dividend Cheque to the Prime Minister

The Union Minister for Steel, Shri Beni Prasad Verma presented an interim dividend cheque of Rs.495.65 crore to the Prime Minister of India, Dr. Manmohan Singh today. The interim dividend cheque was paid at 12% of paid up equity capital, for the year 2011-12 by Steel Authority of India Limited (SAIL), a Maharatna PSU under the Ministry of Steel. Since, Government of India holds 85.82% stake in SAIL’s total paid up equity capital of Rs.4,130.53 crore, the payment of interim dividend to Government of India was Rs.425.36 crore. Present on the occasion were Secretary, Ministry of Steel, Shri D.R.S. Chaudhary, Additional Secretary and Financial Advisor, Shri Machendranathan, Chairman SAIL, Shri C.S. Verma and Director Technical, Shri S.S. Mohanty. It is pertinent to note that since its inception, SAIL has made total dividend pay-outs of Rs.9,392 crore equivalent to 228% 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. SAIL achieved a turnover of Rs.35,556 crore ( 5% higher than the sales in the corresponding period of last year) and earned profit after tax of Rs.1,966 crore during April-Dec.,2011. The net worth of the company as on 31st Dec., 2011 is Rs.38562 crore.