Home ECONOMY OSBC pays first dividend of Rs 14 Cr to State Govt

OSBC pays first dividend of Rs 14 Cr to State Govt

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OST Business Bureau

Bhubaneswar, Jan 17:

Orissa State Beverage Corporation (OSBC) Ltd on Friday paid Rs 14.31 crore as dividend to the State Government for the financial year (FY) 201-11.

The cheque was presented to Finance Minister Prasanna Acharya in the presence of Chairman OSBC S P Thakur, MD Dwijaraj Kar and additional secretary finance U N Behera on Friday.

This was the company’s maiden dividend to the state exchequer since its inception that is around 1400% of the equity capital of Rs 1 crore contributed by the state government. “The dividend was paid out of the corporation’s net profit for FY V2010-11 of about Rs 47 crore,” Kar told OST.

OSBC has embarked upon certain expansion strategies to augment its scale of operations in future.

“OSBC at present has 8 depots in Odisha running on rental basis. Now, we are thinking of setting up our own depots in the state. About 5 additional depots owned by OSBC will be set up by FY 2014-15, for which 6.5 acres of government land has been acquired in Sonepur district and also in Chhatrapur and Bhadrak district by possessing land through IDCO,” he revealed to OST.