On Tuesday, Gujarat-based Gujarat Mineral Development Corporation (GMDC) reported nearly four-fold growth in its consolidated profit at Rs 151.2 crore for the quarter that ended September 30, 2022.

Gujarat Mineral Development Corporation (GMDC) posted a consolidated profit of Rs 40.4 crore in the year-ago period. Also, the consolidated income of the state-owned public sector enterprise rose to Rs 591.4 crore in the July-September period from Rs 494.7 crore in the year-ago quarter.

Founded in 1963, GMDC is the country’s second-largest lignite producer. Headquartered in Ahmedabad, GMDC’s product range includes essential energy minerals like lignite and base metals and industrial minerals like bauxite and fluorspar.

The company has got the green signal from the state government to form a joint venture with NALCO for a one mtpa (million tonnes per annum) refinery. GMDC owns and runs Akrimota Thermal Power Station. It is a 250 MW (2×125 MW) lignite-based thermal power plant located in the Kutch District of the state.