Kolkata-headquartered Tata Metaliks, the pig iron manufacturing company of Tata Group, has signed a non-binding memorandum of understanding (MoU) with the Government of Madhya Pradesh for allotment of coking coal blocks.

The company is actively looking to tie up with various state governments for raw material linkages. Further, it has also plans to acquire iron ore mining lease in Karnataka and to set up an end use plant.

The company reported excellent growth on standalone net profit for the quarter ended March 2008. During the quarter, the net profit of the company surged 66.02% to Rs 255.50 million from Rs 153.90 million in the same quarter last year.

The board of directors of the company has recommended a dividend of 70% for the year 2007-08 as against 60% paid in previous year.