Rs. 250 Crore Paid to Orissa Government by Orissa Mining Corporation
State-run Orissa Mining Corporation (OMC) has recently paid the highest-ever recorded dividend of Rs. 250 crore to the Orissa Government, as has been reported by few official sources.
A cheque was handed over by the Steel and Mines Minister Raghunath Mohanty yesterday to Chief Minister Naveen Patnaik. The total amount was nearly 8 times the share capital which was invested by the State Government.
For the past 5 years, OMC has continually been paying dividends, with the amount increasing from Rs. 60 crore for the year 2004-05 to Rs. 200 crore in 2007-08.
Although the economic meltdown affected all sectors of the economy everywhere, OMC was able to prove its resilience with the highest turnover of Rs. 2085 crore during the year.
In addition to the dividend, the company also donated Rs. 10 crore to the Chief Minister's Relief Fund.