OMC pays Rs 500 cr interim dividend to Odisha govt

State-run Odisha Mining Corporation (OMC) today paid an interim dividend of Rs 500 crore to the state government for 2016-17 financial year.
Steel and Mines Minister Prafulla Mallick handed over the cheque of Rs 500 crore to Chief Minister Naveen Patnaik. The state government got the dividend towards its equity holding in the company.
The state's mining PSU, which recorded a business of Rs 1,546 crore in 2015-16, earned a net profit of Rs 623 crore after tax, Mallick said.
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 to the state government towards dividend, the minister said.

Steel and Mines Secretary R K Sharma said the mining PSU also spends a sizeable amount for peripheral development in the mines areas.