Govt gets dividend cheque of Rs 12.51 cr from FAGMIL

Chemicals and Fertilisers Minister DV Sadananda Gowda on Thursday received a dividend of Rs 12.51 crore from FCI Aravali Gypsum & Minerals India Ltd (FAGMIL) for 2019-20 fiscal year.

The minister received the cheque from Brigadier Amar Singh Rathore, CMD, FCI Aravali Gypsum & Minerals India Ltd (FAGMIL), an official statement said.

Rajesh Kumar Chaturvedi, Secretary (Fertilizers) was also present during the occasion.

Speaking on the occasion, Gowda said the FAGMIL has been consistently paying dividend to the government of India since last few years.

''In the span of 17 years the company has paid a cumulative dividend Rs 101.34 crore i.e 1382 per cent of the initial paid up capital of Rs 7.33 crore,'' the statement said.

He expressed hope that the company will grow exponentially and generate higher dividends in the coming years.

FAGMIL was incorporated in February, 2003 consequent upon hiving off Jodhpur Mining Organization (A unit of Fertilisers Corporation of India (FCIL)).

It commenced operations with effect from April 1, 2003 with an authorised capital of Rs 10 crore and paid up capital of Rs 7.33 crore.

During the year 2017-18, the company issued bonus share capital of Rs 22.67 crore (fully owned by Government of India) resulting in paid up capital of the company increasing to Rs 30 crore.