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Cotton Corporation of India Limited

Cotton Corporation Hands Over Rs 5 crore Dividend Cheque to Textile Minister

Oct 22, 2014   17:30 IST 
New Delhi, Delhi, India

The Cotton Corporation of India Limited (CCI) today presented a cheque of Rs 5 crore as annual dividend to the Government of India. The dividend cheque was presented by Shri B. K. Mishra, Chairman and Managing Director, CCI to the Hon'ble Union Minister of State for Textiles (Independent Charge) Shri Santosh Kumar Gangwar. Shri S.K. Panda, Secretary (Textiles) and Shri Sujit Gulati, Joint Secretary (Textiles) were present to grace the occasion of cheque handing over ceremony held in the Ministry’s office in New Delhi.

 

CCI’s Director (Finance) Shri P K. Agarwal Director (Marketing), Shri M.M. Chockalingam and Advisor Shri U.C. Jha too were part of the delegation that presented the cheque to the Hon’ble Minister.

 

Commenting on the occasion Shri B.K. Mishra CMD, Cotton Corporation of India Limited said, “We are very pleased to present this dividend cheque, which is part of the value created by the Corporation for the financial year 2013-14. CCI made a net profit of Rs 40 crore and the dividend of Rs 5 crore translate in to a final dividend 20 per cent.”

He further added, “For the financial year 2012-13 too, the corporation had paid a final dividend of Rs 6.2 crore and with the thrust on the growth front we are confident of delivering higher dividends to the Government’s treasury in the coming years.”

 

The Cotton Corporation of India is fully owned by the Government of India and is the sole beneficiary of annual dividend generated by the Corporation.

 

About Cotton Corporation of India Limited

 

Cotton Corporation of India (CCI) was established on 31st July 1970 as a Government Company registered under the Companies Act 1956. Earlier the Corporation was entrusted with the responsibility of equitable distribution of cotton among the different constituents of the industry and to serve as a vehicle for the canalization of imports of cotton. With the changing cotton scenario, the role and functions have now broadened and as per Textile Policy of 1985, the Corporation undertakes price support operations, whenever the market prices of kapas touch the support prices announced by the Government of India, without any quantitative limit. Undertakes commercial operations and also purchases cotton to fulfill the export commitments


 
 
Cotton Corporation hands over Rs 5 crore dividend cheque to Textile Minister
Cotton Corporation hands over Rs 5 crore dividend cheque to Textile Minister
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