Odisha Sun Times Bureau
Bhubaneswar, Nov 29:
Odisha Power Generation Corporation Ltd. (OPGC) today handed over a cheque of Rs 15 Crore to Chief Minister Naveen Patnaik towards the State’s share of dividend for financial year 2015-16.
The cheque was presented to the Chief Minister in his office by OPGC Managing Director Indranil Dutta and Director (Finance) HP Nayak in presence of state Energy Minister Pranab Prakash Das.
According to the dividend policy of the company, 25 percent of the profit of the year 2015-16 corresponding to six percent of the paid up share capital has been declared as interim dividend. This interim dividend is likely to be confirmed as final dividend, said a press notification issued by the company.
The notification further explained that the company diverts major portion of its profit for financing its expansion projects and hence has adopted a conservative policy of distributing 25 percent of its distributable profit as dividend until the new units go in to commercial operation.
It may be mentioned here that OPGC is expanding the capacity of its power plants with a capital outlay of Rs 11,547 crore by setting up of 2 units of 660MW capacity each at Ib Thermal Power station at Banharpalli in Jharsuguda district.
Both units are under construction and are likely to be commissioned towards the end of the financial year 2017-18.