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State Gets Power Dividends


State’s Major Power Producer, the Odisha Hydro Power Corporation (OHPC) made payment of Dividends of Rs.26.18 Crore.

 
OHPC turnover during 2015-16 was Rs.617.06 Crore and Profit After Tax(PAT) was Rs.69.44 Crore.
 
Accordingly Chairman OHPC Rajesh Verma today handed over a cheque of Rs 15 crore to Chief Minister Naveen Patnaik towards the State’s share of dividend for the financial year 2015-16 in presence of Energy Minister Pranab Prakash Das.

GRIDCO and OTPCL CMD Hemant Sharma, who is also the Director OHPC was present during the cheque handing over ceremony.
 
 
Similarly Odisha Power Generation Corporation Limited (OPGC) also paid dividend cheque worth Rs.15 Crore.
 
The cheque was handed over to the Chief Minister in his office by OPGC Chairman and Principal Secretary Energy Rajesh Verma, OPGC Director Hemant Sharma, Managing Director Indranil Dutta and Director Finance H P Nayak.
 
 As per the dividend policy of the company, 25 percent of the profit of the year 2015-16 corresponding to 6 percent of the paid up share capital has been declared as interim dividend, which is likely to be confirmed as final dividend, OPGC sources said.
 
OPGC is expanding its capacity with a capital outlay of Rs 11,547 crore by setting up of 2 units of power plant 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 percent of its distributable profit as dividend until the new units go into commercial operation.
 
The said units are scheduled to be commissioned towards the end of the financial year 2017-18.
 
So both OHPC and OPGC paid dividends worth Rs.41.18 Crore to the State Government, said sources in Department of Energy.


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