Lakshmi Overseas declares 25% interm dividend, announces business plans

Lakshmi Overseas Industries Ltd has announced that the Board of Directors of the Company at its meeting held on January 19, 2007, has declared an Interim Dividend of 25% for the F.Y. 2006-2007 and authorized Mr. Balbir Singh Uppal, Chairman cum Managing Director to fix the record date.

Further the Company has informed that the Board of Directors of the Company at its meeting has also took on record the following new initiative taken by the Company:

- Paddy / Rice Processing : The Company’s new state of the art expansion plant with 2 paddy processing streams of 40 MT / hour each completed and trial run started.

- Power: The Company's 1st biomass based power plant to start by March / April using 100% own fuel. It will be India's largest biomass power plant, which is the Company's big achievement. The revenue accrual from power plant would be available to the company in the 1st quarter of FY 2007-08. The plant will be entitles to earn carbon credits revenue.

- Flour Mill: The Company would start its 1st phase wheat flour mill on Baisakhi day, the April 13, 2007 on its newly acquired land. This will capture the new wheat crop season,

- Punjab Greenfield Resources Ltd. (PGRL): The Company's wholly owned subsidiary PGRL to start operations on April 01, 2007. PGRL will operate like State agencies, Markfed, Punsup etc. It will procure and distribute food grains, pulses, vegetables, fertilizers, seeds and undertake contract farming and farm R&D. PGRL will open various district offices in Punjab and have its own transport and storage set up. PGRL would be headed by a professional CEO and would be a unique company in its line of business.

Retail Foray: The Company to enter retails products from April 07. It will package various food products.

The above milestones are new additions to the Company's business.

Source : Equity Bulls

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