core sector communique

(From left) SAIL Chairman Shri S.K. Roongta, Union Steel Minister Shri Virbhadra Singh, Prime Minister Dr. Manmohan Singh and Secretary (Steel) Shri P.K. Rastogi with the cheque for Rs. 460.81 crore towards payment of final dividend by SAIL to the Government of India.

SAIL pays Rs. 460.81 cr. as final dividend to Govt. for FY ’09

New Delhi: Hon’ble Union Minister for Steel Shri Virbhadra Singh, on behalf of Steel Authority of India Limited (SAIL), today handed over a cheque for Rs. 460.81 crore to Prime Minister Dr. Manmohan Singh towards final dividend to the Government of India for FY ’09. Present on the occasion were Secretary (Steel) Shri P.K. Rastogi and SAIL Chairman Shri S.K. Roongta.    

 

The total dividend paid by SAIL to its shareholders for FY ’09 amounting to Rs. 1,073.9 crore is equivalent to 26% of the company's paid-up equity capital of Rs. 4,130.4 crore. The Government of India holds 85.82% of the paid-up equity capital of SAIL.

SAIL had paid interim dividend at the rate of 13% of paid-up equity amounting to Rs 536.95 crore in February 2009, of which the Government’s share of dividend was Rs. 460.81 crore. The Government of India’s dividend share for FY ’09 thus works out to Rs. 921.62 crore, besides dividend distribution tax of Rs. 181 crore.

SAIL has regularly and consistently been paying dividend to its shareholders since 2004-05.  During the last three years, SAIL made total dividend payouts amounting to Rs. 3,883 crore, equalling 94% of its paid-up capital. Out of this, payment to Government of India was Rs. 3,332 crore, besides dividend tax of Rs. 638 crore.

SAIL’s contributions to the national exchequer (towards excise and custom duties, corporate tax, dividend, dividend tax, sales tax, royalties, etc.) during 2008-09 has been to the order of over Rs. 12,395 crore.

Despite global economic slowdown severely impacting the steel industry from the second half of 2008-09, SAIL recorded the highest-ever turnover of Rs. 48,681 crore, earned profit before tax of Rs. 9,403 crore and profit after tax of Rs. 6,175 crore in 2008-09.  SAIL’s net worth as on 31^st March ’09 stood at Rs. 27,984 crore.