Railway Minister Mallikarjun Kharge on Tuesday received a cheque of maiden interim dividend amounting to Rs 4.90 crore from Pipavav Railway Corporation limited (PRCl). Company’s chairman and Railway Board’s member traffic DP Pande and Managing Director of PRCl Pankaj Malviya handed over the cheque to the Minister.
“It is heartening to know that this Joint Venture has now come in a position to give dividend. This Company is a success story of Public Private Partnership (PPP) initiative which is required for such infrastructure development projects,” Kharge said. Arunendra Kumar, Chairman, Railway Board also appreciated the success of PRCl.
PRCl has been formed as a Joint Venture Company with equity participation of Ministry of Railways and Gujarat Pipavav Port limited to undertake the construction, operation and maintenance of the 271 kilometres long broad gauge rail line between Surendranagar and Pipavav port. This Special Purpose Vehicle (SPV) was created under Public Private Partnership (PPP) and is the first flagship joint venture
The Company has registered a profit of Rs. 67.36 crore Profit Before Tax (PBT) and Rs. 46.41 crore Profit After Tax (PAT) and has a net worth of Rs. 207 crore as on 31st March 2013.
During 2012-13, the Company has carried 6.86 million tonnes of cargo on the Pipavav line and earned revenue of Rs. 178.98 crore from its freight operations as compared to 6.83 million tonnes of cargo moved and revenue of Rs. 151.28 crore earned during 2011-12, indicating a growth of 18 per cent in revenue, despite economic slow-down.