Orissa Mining Corporation pays Rs250 crore as dividend to Orissa govt

The state-run Orissa Mining Corporation (OMC) has paid the highest-ever dividend of Rs 250 crore to the state government, official sources said today.

           
Steel and mines minister Raghunath Mohanty handed over a cheque to chief minister Naveen Patnaik yesterday. This amount was about eight times the share capital invested by the state government in the PSU.

           
OMC, established in 1956, became a wholly state-owned enterprise in 1962 with the government infusing a share capital of Rs31.45 crore. The corporation had paid a dividend of Rs60 crore each in 2004-05 and 2005-06.

           
In 2006-07 and 2007-08, the dividend amount was Rs100 crore and Rs200 crore respectively.

           
Despite a global recession in 2008-09 fiscal, the OMC has managed to record the highest turnover of Rs2,085.27 crore and announced a gross profit of Rs1,890.22 crore.

           
This apart, the OMC also donated Rs10 crore to the Chief Minister's Relief Fund.

           
The steel and mines department had by December, 2009 earned a revenue of Rs1200, said its secretary AK Alwai.