By Bizodisha Bureau, Bhubaneswar, November 29, 2016 : The profit making Odisha Power Generation Corporation Ltd. (OPGC) on Tuesday handed over a cheque of Rs 15 crore to chief minister Naveen Patnaik towards the State’s share of dividend for financial year 2015-16.

OPGC Managing Director Indranil Dutta and Director (Finance) HP Nayak presented the cheque to the chief minister in his office in presence of state energy minister Pranab Prakash Das.

Odisha Power Generation Corporation Limited (OPGC) was incorporated on November 14, 1984 and established IB Thermal Power Station having two units of 210 MW each in the Ib valley area of Jharsuguda district in 1994 (1st Unit) and 1996 (2nd Unit).

The state government divested 49% of the equity in favour of United States based  AES Corporation, in early 1999.

According to the dividend policy of the company, 25 percent of the profit of the year 2015-16 corresponding to six percent of the paid up share capital has been declared as interim dividend. This interim dividend is likely to be confirmed as final dividend, a company press release said.

The release clarified that the company diverts major portion of its profit for financing its expansion projects and hence has adopted a conservative policy of distributing 25 percent of its distributable profit as dividend until the new units go in to commercial operation.

OPGC is presently expanding the capacity of its power plants with a capital outlay of Rs 11,547 crore by setting up of 2 units of 660 MW each at Ib Thermal Power station at Banharpalli in Jharsuguda district.

Both units are under construction and are likely to be commissioned towards the end of 2017-18.