Gujarat Mineral Development Corporation (GMDC), a leading mining PSU Enterprise and the largest lignite seller in the country presented a substantial dividend cheque of INR 2,694.40 million to the Hon'ble Chief Minister of Gujarat. This momentous occasion solidifies GMDC's commitment to advancing the state's forward-looking initiatives and bolstering prosperity for shareholders in public sector undertakings (PSUs). The Gujarat government's visionary policy, tailored to elevate the valuation of the state's PSUs, stipulates a minimum dividend of 30% of profit after tax or 5% of net worth, whichever is higher, as the minimum level of dividend to be declared for shareholders.

The Gujarat government's 74% share in GMDC played a pivotal role in driving the corporation towards the extraordinary achievement of presenting a dividend cheque equivalent to 30% of GMDC's net profit for the fiscal year 2022-23. In a strategic move, GMDC's recent announcement of a dividend increase from INR 9.10 to INR 11.45 per share underscores the corporation's commitment to delivering enhanced value to its esteemed shareholders. This change, approved in a recent Board meeting, reflects GMDC's dedication to strategic foresight and alignment with the progressive dividend distribution policy set forth by the Gujarat government.