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OPGC pays Rs 15-crore interim dividend to Govt

Bhubaneswar, Nov 29: The 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 cheque was handed over to the Chief Minister at the State Secretariat by Energy Minister Pranab Prakash Das in the presence of department Principal Secretary and OPGC Chairman Rajesh Verma, OPGC Managing Director Indranil Dutta and Director (Finance) HP Nayak.

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 learnt 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 in to commercial operation.

The same units are scheduled to be commissioned towards the end of the financial year 2017-18.

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