The Government of Gujarat established Gujarat Mineral Development Corporation (GMDC) in 1963 for developing mineral resources available in the state. It is engaged in the development and extraction of major mineral resources in Gujarat. It has developed several mining centers based on continuous mining systems and benificiation plants for producing energy minerals like lignite, basic commodities like base metals and industrial minerals like bauxite, fluorspar, granite and marble. GMDC has been supplying important minerals to industries like steel, aluminium, refrigerants, foundries, etc. Gujarat Government holds 74% of the company`s equity stake. The company is the country`s largest lignite merchant and second largest producer of lignite in the country. Around 90% of the company`s revenues are contributed by lignite. Its major mines include Panandhro, Akrimota, Umarsar and Mata-no-madh. Financials The company disclosed rise of 24.55% in standalone net profit on y-o-y basis to Rs 1.13 billion, while total income increased 37.25% y-o-y basis to Rs 4.85 billion for the quarter ended March 2011.
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