Bhubaneswar: Odisha Power Generation Corporation Ltd. (OPGC) on Tuesday handed over a cheque of Rs. 15 crore to Chief Minister Naveen Patnaik towards the state’s share of dividend for the year 2015-16. The Rs 15 crore was paid as interim dividend for 2015-16.
The cheque was handed over by the OPGC managing director Indranil Dutta, and H.P. Nayak, Director (Finance). Minister for Energy Pranab Prakash Das and secretary Rajesh Verma were also present on the occasion.
As per dividend policy of the company, 25% of the profit of the year 2015-16 corresponding to 6% of the paid up share capital has been declared as interim dividend. This interim dividend is likely to be confirmed as final dividend as learned from the sources of the company.
It is worthwhile to mention here that OPGC is expanding the capacity of its power plant with a capital outlay of Rs. 11,547 crore by setting up of 2 units of 660MW capacity each at Ib Thermal Power station, Banharpalli, Jharsuguda which are under construction.
Since the major portion of the profit is being utilized for financing the expansion project the company has adopted a conservative policy of distributing 25% of its distributable profit as dividend until the new units go into commercial operation.
The said units are scheduled to be commissioned towards the end of the financial year 2017-18.
Odisha Hydro Power Corporation (OHPC) also paid Rs 29.18 crore towards state’s share of dividend to the state government.