Complacency should not creep in organizations: Beni Prasad Verma

New Delhi, June 14 (ANI): Minister of State for Steel Beni Prasad Verma on Tuesday said complacency should not creep in any organization and more innovative ideas should be generated to sustain its impressive work in various spheres.

"NMDC should set up an example which other PSUs may emulate. We must emphasize on basic requirements like; Health, Education, creating Self Employment opportunities for the youth and assisting all infrastructural development activities especially of the surrounding villages under its CSR policy," said Verma after the review performance of National Mineral Development Corporation (NMDC) for the year 2010-11 here.

The Company registered the growth in comparison to 2009-10 are:

1. Turnover for the year 2010-11 increased to Rs.11, 368.94crore as compared to Rs.6, 239 crore in the year 2009-10, recording an increase of 82 percent. The turnover of the Company has for the first time in its history has crossed Rs. 10,000 crore mark.

2. Profit before tax for the year 2010-11 was Rs.9, 727crore as compared to Rs.5, 207 crore in the year 2009-10, recording an increase of 87 percent.

3. Profit after tax for the year 2010-11 was Rs.6, 499crore as compared to Rs.3, 447 crore in the year 2009-10, recording an increase of 89 percent.

4. Net worth of the company increased to Rs.19, 200crore as on 31.03.2011, which was 35 percent higher than the net worth of the company as on 31.03.2010 at Rs.14, 256 crore.

5. The company paid Interim Dividend @ 115 percent on the paid up equity share capital of the Company aggregating Rs.455.95 crore. The Board has recommended subject to schedule approval, payment of final dividend @ 215 percent on the paid up equity share capital of the company aggregating Rs.852.41 crore. The total dividend payout for the year 2010-11 will thus aggregate to Rs.1, 308.35crore as compared to the total dividend payout of Rs.693.82 crore in the year 2009-10.

The state-of-art NMDC Steel Plant at Nagarnar would be the fastest Steel Plant to be commissioned of this magnitude. NMDC started a residential school at Nagarnar, which primarily focuses on the local tribal children's education.

The Company is also exploring Public Private Partnership (PPP) initiatives with Chhattisgarh State Government for the Dalli-Rajhara Railline Project. NMDC has also set up the Global Exploration Centre at Raipur to offer free exploration services to the State Governments.

NMDC acquired projects in India and abroad. They are basically on development of iron ore projects like: development of Deposit - 11B Mine in Bailadila Sector, Chhattisgarh and Kumaraswamy Mine in Karnataka. (ANI)