Rajasthan's RIICO declares record profit, dividend

Last Updated: Thu, Sep 27, 2012 04:30 hrs

Jaipur, Sep 27 (IANS) Rajasthan State Industrial Development and Investment Corp (RIICO) has posted a record profit of Rs.473.44 crore for 2011-12, a rise of an impressive 67.8 percent over the previous year, the state's development catalyst said in a statement.

The state government-run firm also recorded a sharp rise in income at Rs.1,029.88 crore, which was an increase of 41.7 percent over the previous year, as per the annual report tabled by company chairman Sunil Arora.

The results enabled the board of directors of the company recommend a record dividend of 30 percent for the year -- an interim dividend of Rs.36.17 crore that has already been paid and a recommendation for another Rs.18.08 crore.

As per the report tabled by Arora, also Rajasthan's principal secretary for industries, the company recovered Rs.883.8 crore towards land dues from allottees, against Rs.704.3 crore in the previous year. The target was Rs.835.15 crore.

"Out of our 26 unit offices, 19 units crossed the recovery target," Arora said.

Looking ahead, the company has earmarked 10,000 sq mt of land at Bhiwadi for a skill development centre to train people and help them climb the value chain. The centre, constructed by RIICO, will be managed by the Confederation of Indian Industry.

Other highlights of the annual report for 2011-12 are:

-Largest term loan for renewable energy amounting to Rs.80.45 crore

-Overall term loan of Rs.253.63, which is the highest ever

-Investment of Rs.550 crore expected in 39 projects sanctioned for term loan

-Projects set to generate 3,044 additional jobs in 10 districts

-Equity of Rs.60.23 crore into projects like Jaipur Metro, Mahindra World Special Zone

-Attractive interest subsidy for entrepreneurs in six backward districts launched

-Focus on solar, wind and biomass based power projects coming up throughout Rajasthan

-Loans also to textiles, services, steel, power cables, realty, chemicals, plastics, healthcare and IT.

More from Sify: