MTNL gets a Pat on the back; Hands over Dividend
Dated: 22nd Oct-09
PRESS RELEASE
New Delhi, October 22nd, 2009: MTNL today presented a cheque for Rs.35.43 crores, towards 10% dividend for the Financial Year 2008-09 to the Hon’ble Minister of Communications & IT, Thiru. A. Raja. In its 23rd AGM held on 25-09-2009, MTNL approved payment of final dividend @ 10%, amounting to Rs. 63 Crore on the paid up equity capital of Rs.630 Crores for the financial year 2008-09, out of which Rs. 35.43 Crore paid to Govt. of India and Rs. 27.57 Crore to others.
MTNL is the market leader in offering latest telecom solutions including 3G mobile service to its customers at the most affordable prices. The period has also seen a significant growth in the subscriber base of services like mobile, broadband, IPTV, etc. in both Delhi & Mumbai. The recent launch of 3G service in Delhi attracted more than 20K customers within one week of the launch. As on 31st August, 2009, MTNL’s customer base of voice services exceeds 8.18 million.
Speaking on the occasion, the Honorable Minister of Communication and IT, Thiru A. Raja said, “ I congratulate MTNL for introducing latest technologies in their network, and it’s very evident that they are moving in the right direction. MTNL has been playing a key role in stimulating the market dynamics by reducing tariffs and providing greater consumer benefits”.
MTNL has paid dividend @ 40% on its equity capital of Rs.630 Crores during last year. During the last eight years(excluding 2008-09), an aggregate amount of Rs.2173.50 Crores has been paid as dividend to all the shareholders out of which Rs.1222.59 Crores has been paid to the Govt. of India on their shareholding of 56.25% in the company.
About MTNL: MTNL was set up on 1st April, 1986 by the Government of India to upgrade the quality of telecom services, expand the telecom network, introduce new services and to raise revenue for telecom development needs of India’s key metros – Delhi, the political capital and Mumbai, the business capital of India. In the past 21+ years, the company has taken rapid strides to emerge as India’s leading and one of Asia’s largest telecom operating companies. Besides having a strong financial base, MTNL has achieved a customer base of 8,182,133 as on 31st August, 2009.
The company has also been in the forefront of technology induction by converting 100% of its telephone exchange network into the state-of-the-art digital mode. The Govt. of India currently holds 56.25% stake in the company.
In the year 2008-09, the company is focussing on 3G Service, Broadband, IPTV & VOIP customer base, achieving at least 7,50,000 broadband customers, and further expanding its operations through acquisitions and Greenfield licenses in overseas market.
