OPGC Pays Dividends

Odisha Government received dividends of Rs.8.66 Crore from State PSU, Odisha Power Generation Corporation Limited (OPGC) today.

Hemant Sharma, Chairman OPGC handed over a cheque of Rs 8.66 crore to Chief Minister Naveen Patnaik towards the State’s share of dividend for the year 2016-17. 
Minister for Steel and Mines and Energy Prafulla Kumar Mallick and Secretary, Energy, Hemant Sharma, Managing Director, OPGC, Indranil Dutta and HP Nayak, Director , Finance were also present on the occasion. 
As per the dividend policy of  the company, Rs 16.98 crore being 25 pc of the profit (after tax) of the year 2016-17 corresponding to 1.471 pc of the paid up share capital has been declared as interim dividend.

The interim dividend is likely to be confirmed as final dividend as learnt from sources of the company.

 Notably, OPGC is expanding the capacity of its power plant with a capital outlay of Rs 11, 547 crore by setting two units of 660MW capacity each at IB Thermal Power Station, Banharpalli, Jharsuguda.
The Project Construction work is in full swing, said Mr.Sharma, Chairman OPGC..

 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 pc of its distributable profit as dividend until the new units go into commercial operation. 

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