Neyveli Lignite Corporation gets Miniratna status
The Neyveli Lignite Corporation Limited (NLC), the premier lignite mining company under the administrative control of the Department of Coal has been declared a 'Miniratna' company by the Government since this month. This was declared after detailed examination of the financial and physical performance of the company. NLC has been continuously making profits since 1976-77. It has earned a net profit of Rs.819.20 crore, Rs.1,148.40 crore and Rs.1,143.51 crore during 2001-02, 2002-03 and 2003-04 respectively. The robust financial position has earned the status of 'Miniratna' (category-I) for the Company.
'Miniratna' status would enable the NLC to perform with enhanced autonomy and allow it to incur capital expenditure on new projects, modernization, purchase of equipments etc. without Government's approval upto Rs.300 crore or equal to the company's net worth, whichever is lower. The company is engaged in lignite exploitation in Neyveli Lignite Fields in Tamilnadu and nearby areas of Bahur (which lies partly in the Union Territory of Pondicherry) and Jayamkondacholapuram (Tiruchi district). The company is also engaged in production of power.
NLC was incorporated as a private limited company in 1956 and was converted into a public limited company from March 7, 1986.
(Release ID :3760)