OMC Pays Rs 500 Cr Interim Dividend To Odisha Govt

Bhubaneswar: Odisha Mining Corporation (OMC), a state public sector undertaking (PSU), on Tuesday paid an interim dividend of Rs 500 crore to Odisha government for the 2016-17 fiscal year.

Steel and Mines minister Prafulla Mallick handed over a cheque of Rs 500 crore to Chief Minister Naveen Patnaik towards OMC’s dividend against the state government’s equity holding in the company.

Steel and Mines department secretary RK Sharma and chairman-cum-managing director of OMC Vineel Krishna were present during the occasion.

Notably, OMC had transacted Rs 1546 crore business in 2015-16 and earned a net profit of Rs 623 crore.

It is to be noted that the state mining PSU had paid Rs 250 crore in 2008-09, Rs 100 crore in 2009-10, Rs 285 crore in 2010-11, Rs 500 crore in 2011-12, Rs 400 crore in 2012-13, Rs 500 crore in 2013-14 and Rs 500 crore in 2015-16.