BS reported that Gujarat government promoted mining major Gujarat Mineral Development Corporation Limited has registered highest ever turnover of INR 1,414.79 crore for financial year ended on March 31st 2011.

M Sahu chairman of the company and principal secretary industries, government of Gujarat said that the turnover jumped by 33% against INR 1065.22 crore registered in the previous fiscal. The net profit stood at INR 375 crores as against INR 280 crores recorded in previous fiscal, showing a historical jump of 34%.

The shareholders and board of directors approved highest ever dividend of 150% for the year 2010-11, which included a special dividend of 25% announced on account of Swarnim Gujarat Year, to commemorate 50 years of formation of Gujarat State.

In his address to the shareholders, Mr Sahu took note of the two major breakthroughs achieved by the company during the year. Government of India and the state government has granted letter of intent to GMDC for limestone mining lease over an area of 3319 hectares in Lakhpat and Punharajpar areas in Kutch district. He added that "We should be able to mine around 1,500 million tonnes of limestone from this area. It is going to be a remarkable milestone in the progress of GMDC."

He also mentioned that the wild life clearance for the Umarsar Lignite Mines has been recommended by the state government and the same has been to Government of India for final clearance. On receipt of the clearance, the company would be able to start lignite mining at Umarsar near its existing Panandhro Mines.

Commenting about the future plans of the company, Mr Sahu mentioned that the company is proposing to set up an alumina plant with aluminium smelter in Kutch. The project is based on the abundant bauxite resource available in this region. He added that "The technical evaluations for this project have been completed and financial bids for the project have been invited to select the most appropriate partner to implement this project."

(Sourced from Business Standard)