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States » SouthPosted at: Dec 8 2020 11:06PM


GP polls: MPVL received orders worth Rs 1.5 cr indelible ink

Mysuru, Dec 8 (UNI) State-owned Mysore Paints and Varnish Limited (MPVL), also known as MyLAC, on Tuesday received orders from the State Election Commission for supply of 99,000 vials of indelible ink (5ml each) and 6,580 packets of sealing wax for the upcoming Gram Panchayat (GP) elections.
Speaking to newsperso ns here, MyLAC Chairman NV Phaneesh said the new order will generate a revenue of Rs 1.15 crore. “We have supplied indelible ink for the recently held Bihar Assembly elections and Lok Sabha by-elections in different states,'' he added.
Mr Phaneesh said ''Ballot marking pens were supplied recently for Council elections in Karnataka, Maharashtra, Telangana, Rajasthan, Uttar Pradesh, Madhya Pradesh and Bihar. We have 90 permanent employees to produce the ink and due to the demand, we have hired 50 more employees on contract basis.''
Mylac is the only company in the country, which has been manufacturing indelible ink since the past five decades.
For the year 2020-2021, MyLAC had set a target of Rs 20 crore. Of this, MyLAC has achieved Rs. 12.25 crore by the end of November this year. The previous year, the company has recorded a turnover of Rs. 21.52 crore and has earned a profit of Rs. 4.70 crore.
''The company has declared a dividend of 25 per cent to its shareholders in 2019-2020 and will handover Rs 23.68 lakh as a profit share of Karnataka Government. We have exported indelible ink to the tune of Rs 2.17 crore and have allocated Rs. 20.57 lakh for activities under Corporate Social Responsibility,” Phaneesh added.
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Tags: #GP polls: MPVL received orders worth Rs 1.5 cr indelible ink
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