OMC pays Rs 500 cr interim dividend to Odisha

Bhubaneswar: Odisha Mining Corporation (OMC), a state public sector undertaking (PSU), on Tuesday paid an interim dividend of Rs 500 crore to the state government for the 2016-17 financial year.

Steel and Mines Minister Prafulla Mallick handed over a cheque of Rs 500 crore to Chief Minister Naveen Patnaik towards OMC's dividend against the state government's equity holding in the company.

The mining PSU had transacted Rs 1,546 crore business in 2015-16. It earned a net profit of Rs 623 crore after paying income tax for 2015-16, said a statement from the Chief Minister's Office (CMO).

OMC had paid Rs 250 crore in 2008-09, Rs 100 crore in 2009-10, Rs 285 crore in 2010-11, Rs 500 crore in 2011-12, Rs 400 crore in 2012-13, Rs 500 crore in 2013-14 and Rs 500 crore in 2015-16.

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OMC is spending a large amount for the peripheral development in the mines areas, said the statement.

Steel and Mines department Secretary R.K. Sharma and OMC CMD Vineel Krishna were present during the handing over of the cheque to the Chief Minister.