OPGC pays Rs 15 crore dividend to Odisha govt

The state run Odisha Power Generation Corporation Limited (OPGC) today 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.

As per dividend policy of the company, 25 per cent of the profit for the year 2015-16 corresponding to 6 per cent of the paid up share capital, has been declared as interim dividend. This interim dividend is likely to be confirmed as final dividend, company insiders said.

The OPGC has been expanding the capacity of its power plant with a capital outlay of Rs 11,547 crore by setting up two units of 660 MW capacity each at Ib Thermal Power station, at Banharpalli in Jharsuguda district 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 per cent of its distributable profit as dividend until the new units go in to commercial operation," a senior official said.

The two units under construction are scheduled to be commissioned by end of the financial year 2017-18, he said.

Another state PSU, the Odisha Hydro Power Corporation Limited (OHPC) has also contributed Rs 26.18 crore to Odisha government as its share, an official release said.