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OMC pays 500 cr interim dividend to state

OMC cheque

Bhubaneswar: Orissa Mining Corporation (OMC) on Tuesday handed over a cheque of Rs 500 crore to the state towards interim dividend for the financial year 2016-17. State Steel and Mines Minister, Prafulla Kumar Mallick handed over the cheque to Naveen Pattnaik in the presence of Steel and Mines department Secretary, Raj Kumar Sharma and OMC CMD Vineel Krishna.

As per the sources, with total turnover of Rs 1,546 crore in the year 2015-16, the PSU had earned a net profit of Rs 623 crore after deducting the income tax for the financial year. Earlier, in 2015 -16 OMC had paid a dividend of Rs 500 crore to the state government for the entire financial year. Further it is said that OMC is spending a huge amount towards the development of mines area in the state.

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