Mumbai, May 17 (PTI) World's sixth largest steel firm Tata Steel today said it aspires to become the second largest firm in the world by 2012 with 40 million tonnes production capacity as against 25.6 mt now.
Apart from brownfield and greenfield expansions, the company was always on an 'explorative' mood to snap up some acquisitions to increase its production capacity, Tata Steel Managing Director B Muthuraman said.
The company posted a 40.91 per cent increase in net profit at Rs 1,103.50 crore for the fourth-quarter ended March 31, as compared to Rs 783.11 crore for the same period a year ago, he said.
The total income (net of excise) grew 21.49 per cent to Rs 5,060.21 crore for the quarter from Rs 4,164.89 crore for the corresponding quarter a year ago.
The board of directors at its meeting today declared a 130 per cent dividend of Rs 13 on shares of Rs 10 each for the financial year 2006-07 and a special dividend of 25 per cent on the centenary year of the company, he said.
Muthuraman said the expansion work at its facility in Jamshedpur from five million tonnes to 6.8 million tonnes would be completed by June next year. The capacity at the plant would be raised subsequently to 10 million tonnes.
The company has plans to set-up three steel plants each in Orissa, Chhattisgarh and Jharkhand with a combined capacity of 23 million tonnes per annum.
"We want to expand as many geographies to extend our reach. We always want to explore," Muthuraman said when asked about the reports claiming that the company was on a look out for acquisition in Egypt. PTI
Apart from brownfield and greenfield expansions, the company was always on an 'explorative' mood to snap up some acquisitions to increase its production capacity, Tata Steel Managing Director B Muthuraman said.
The company posted a 40.91 per cent increase in net profit at Rs 1,103.50 crore for the fourth-quarter ended March 31, as compared to Rs 783.11 crore for the same period a year ago, he said.
The total income (net of excise) grew 21.49 per cent to Rs 5,060.21 crore for the quarter from Rs 4,164.89 crore for the corresponding quarter a year ago.
The board of directors at its meeting today declared a 130 per cent dividend of Rs 13 on shares of Rs 10 each for the financial year 2006-07 and a special dividend of 25 per cent on the centenary year of the company, he said.
Muthuraman said the expansion work at its facility in Jamshedpur from five million tonnes to 6.8 million tonnes would be completed by June next year. The capacity at the plant would be raised subsequently to 10 million tonnes.
The company has plans to set-up three steel plants each in Orissa, Chhattisgarh and Jharkhand with a combined capacity of 23 million tonnes per annum.
"We want to expand as many geographies to extend our reach. We always want to explore," Muthuraman said when asked about the reports claiming that the company was on a look out for acquisition in Egypt. PTI