Gujarat Mineral Development Corporation Ltd Share Price – NSE  /  BSE

Mining & Mineral products, Small Cap

Gujarat Mineral Development Corporation announced the appointment of Anupma K. Iyer, General Manager (A/cs) as the Chief Financial Officer and Key Managerial Personnel of the Company with effect from 11 March 2024.

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The company appointed Anupma K. Iyer as the chief financial officer and key managerial personnel of the company due to superannuation of L. Kulshrestha from the services of the company.

Anupma K Iyer is a chartered accountant (CA) and has over 25 years of experience across a wide spectrum of finance and accounts functions. She has worked at Gujarat Mineral Development Corporation for 17 years. She is presently responsible for various areas of the finance and accounts function including investor relations, business finance, corporate finance and tax.

Gujarat Mineral Development Corporation Its product range includes essential energy minerals like lignite, base metals and industrial minerals like bauxite and fluorspar.

The company’s standalone net profit declined 55.61% to Rs 117.47 crore as on Q3 FY24 as compared to Rs 265.10 crore recorded in Q3 FY23. Revenue from operations fell 34.03% to Rs 564.27 crore in Q3 FY24 as against Rs 855.41 crore recorded in corresponding quarter last year.

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The Board of Directors of Gujarat Mineral Development Corporation (GMDC) have approved the Land and Resettlement & Rehabilitation (R&R) plan for its highest peak rated capacity (PRC) and one of India's largest coal mines - “Baitarni-West” in Odisha. Coal as a critical energy source remains a significant part of India's energy mix, the emphasis on a comprehensive Land and R&R plan indicates a balanced approach towards industrial development and ensuring energy security.

This strategic decision spotlights GMDC's commitment to the early operationalization of the mine, highlighting its pivotal role in enhancing the Odisha's industrial prosperity and also contributing towards Gujarat's energy security. After approval of the Board, GMDC shall move towards the opening of the coal mine with a PRC of 15 million tonnes per annum in Odisha. With this, a significant mineable reserve of 468 million tonnes in “Baitarni-West” would become one of the top 20 coal producing mines in the country in terms of annual production capacity, notably contributing towards Aatmanirbhar Bharat.

GMDC's focused approach towards the operationalization of the mine is evident with its plan for land acquisition and R&R activities in the concerned area. This comprehensive Land and R&R plan showcases company's in-depth understanding of the socio-economic dynamics of the affected areas, aiming to deliver equitable benefits from the project to the local communities. The plan for the land acquisition comprises of govt. and private land with approximate area of 154.3 Ha and 199.86 Ha respectively. The R&R plan is being designed for 1500 nos. of affected families in the area. Key components of the Land and R&R plan are its robust compensation and employment framework, designed to support the long-term financial stability of affected families & landowners.

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The Board of Gujarat Mineral Development Corporation (GMDC) has approved a Rs 3,041 crore capital outlay for fiscal year 2025.

The company has allocated Rs 1,138 crore towards new lignite projects; Rs 629 crore to expedite the operationalization of the allotted coal blocks in Odisha. Further, the company has allocated Rs 462 crore for the expansion and modernization of its metal projects.

GMDC is strategically investing Rs 371 crore into the development of power projects, with significant emphasis on renewable energy. Of this investment, over 300+ crore is allocated for the comprehensive overhaul of the ATPS (Akrimota Thermal Power Station), a deliberate move to make a slant towards ending the financial losses associated with thermal power generation.

Our approved capital outlay for the next five years is a testament to GMDC's robust financial health and our optimistic outlook towards the future. These investments are pivotal in our journey towards achieving long-term growth, operational excellence, and sustainability. We are confident that this strategic capital allocation will create substantial value for our stakeholders”- said Roopwant Singh, IAS, Managing Director, GMDC.

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