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Gujarat Mineral Development Corporation Ltd. Company History and Annual Growth Details

1963 - Gujarat Mineral Development Corporation Limited, a government of Gujarat enterprise was incorporated with the objective to develop major mineral resources in the Gujarat.

1968 - A project was set up by GMDC, in the year 1968 that was beneficiation of fluorspar, a rare mineral essential for basic industries, like refining of steel manufacturing of aluminium, hydrochloric acid, foundry flux and welding electrodes among others.

1970 - GMDC started commencing mining of lignite in Kutch district of Gujarat. By the early 70's the industrialization of Gujarat was on a rapid pace, which enforced heavy quantities of fuel to sustain the growth.

1984 - GMDC started mining operation at Rajpadri near Ankleshwar in 1984, and has been supplying lignite to majority of the textile industries from this mine.

2002 - GMDC Flares up gradation in the ranking amongst top PSU companies of India according to a survey conducted by ET500. For the year 2001-02 on the basis of OPM criteria GMDC ranked 7th out of 100 companies and on the net profit basis it is ranked 111th out of 250 companies. Further for market capital it was ranked 186th out of 500 companies.

2003 - The financial closure for Akrimota Power Project has been achieved in March 2003. Against the requirement of Rs.1116 crores, financial institutions and Banks have pledged assistance for Rs.1400 crores.

- GMDC had ranked 112th in terms of excellence in business performance in the list of top manufacturing companies in India accumulated by Industry 2.0 and Investment Research and Information Services Ltd (IRIS).

2004

- GMDC had received a composite score of 6 out of a possible 15 in Industry 2.0's SCM Metrics study. The study examined trends in the Supply Chain Management (SCM) metrics of India's top 1,000 manufacturing companies.

- According to the resolution came on Sept 23, among the 12 PSUs identified for the restructuring process in the Gujarat state GMDC is also included.

2005

- First unit of the Akrimota Power Project has been synchronized on 31st March 2005.

-Gujarat Mineral Development Corporation (GMDC) and Oil and Natural gas Corporation (ONGC) have joined hands to develop underground coal gasification (UGC) for power generation in Gujarat.

2006

- GMDC expanded its operations beyond the state from the year 2006. Ministry of Coal, Government of India had allotted to GMDC coal blocks with approximately 350 million tonnes of mineable reserves in Morga-II block of Korba district in the State of Chhatisgarh and another one in Jainnagar, Hazaribaug district in the State of Jharkhand with 100 million tonnes of mineable reserves.

-GMDC sets up Tadkeshwer lignite mines

2007

- The company had executed a MoU with Reliance Industries to set up a joint venture (51% RIL - 49% GMDC) to undertake lignite/coal gasification projects. Further the board of directors of the company at its meeting held on April 30, 2007, resolved to split the shares of the company in the ratio of 1:5 after necessary approvals.2.

- The Company has splits its face value from Rs10/- to Rs2/-.

2008

- GMCD had informed the market on January 31st 2008 that the company board has decided to recommend a bonus issue of shares in the ratio of 1:1.


2009

-Commencement of Wind Power of 19.5MW in 2009

-The Corporation also went into harnessing the wind energy and commssioned 19.5 MW wind turbines near Malya in Kutch in the later part of 2009 which will be expanded further to the tune of 100 MW in various stages of implementation.

2010

-The Corporation first implemented ISO-9001 at Corporate office in 2010 and is planning to obtain for all the mines in operation with Occupational Health and Safety systems(OHS-18000) along with Environmental Management systems(ISO-14000) which are intended for achieving excellence in all areas where its people and stake holders are connected.

-The Corporation also embarked on a sophisticated Enterprise Resource Planning system in 2010 covering the whole ambit of mining operations throughout Gujarat to achieve efficiency and complete the tasks in time with the minimum resources required

2011

-GMDC has declared highest ever dividend of 150% for the F.Y. 2010-11

-GMDC Bhavan has been announced as the "Best Government Building -Ahmedabad" in best building category for the"BIHED AWARDS 2011".

2012

-State-owned mining company Gujarat Mineral Development Corporation (GMDC) is looking for approximately 1,500 acres of land in Mandvi taluka at Kutch district to set up its alumina and smelter plant project in joint venture (JV) with National Aluminium Company (Nalco), said the media reports.

-Leading mining company Gujarat Mineral Development Corp (GMDC) has posted nearly three-fold jump in its net profit for the second quarter ended September 30, 2012 at Rs 168.81 crore.

2013
-GMDC has recommended a dividend of Rs. 3/- per share (150%) for the financial year 2012-13.

2014
-GMDC has recommended a dividend of Rs. 3 per share (150%) for the financial year 2013-14.

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