OMC pays Rs.500 crore dividend to Odisha Government

Odisha Channel Bureau Bhubaneswar, Oct 29: Odisha Government-run miner Odisha Mining Cropration (OMC) today paid a dividend of Rs.500 to the State Government for 2013-14.The Odisha Mining Corporation Limited, a gold category State public secor undertaking closed last fiscal with a sales turnover of Rs.1854 crore and a net profit after tax of Rs.868 crore.While PSUs working in mining and energy sector usually pay 30 per cent of their post tax profit as dividend to the State Government, OMC has set an example by paying a dividend of 58 per cent of its post tax profit.The Odisha Mining Corporation paid dividend to State Government in the year 2008-09 Rs.250 crore, 2009-10 Rs.100 crore, 2010-11 Rs.285 crore, 2011-12 Rs.500 crore, 2012-13 Rs.400 crore and 2013-14 Rs.500 crore respectively.According to an official release, OMC is commited to fulfil its obligation under Corporate Social Responsibility (CSR) other than undertaking development works itself in the vicinity of its mines.Huge amounts of funds have also been placed with various district administrations for development activities in the concerned districts, according to the release.