Bhubaneswar: The Odisha Power Generation Corporation (OPGC) is scheduled to commission its ramp up project of 2x660MW power plant by the end of December, this year.
OPGC is expanding the capacity of its power plant with a capital outlay of Rs 11,547 crore by setting up two units of 660 MW capacity each at Ib Thermal Power Station (ITPS) in Jharsuguda district’s Banharpali area.
“The construction of the project is in full swing and is expected to be commissioned by the end of 2018”, said the energy minister Prafulla Mallick. He said that the OPGC is financing the project mostly from internal accruals. The Company has adopted a conservative policy of distributing 25% of its distributable profit as dividend till the new units go into commercial generation.
The OPGC Monday handed over a cheque of Rs 8.66 crore to chief minister Naveen Patnaik towards the dividend of the state government. As per the dividend policy of the Company, Rs 16.98 crore being 25% of the PAT(profit after tax) of the year 2016-17 corresponding to 1.471% of the paid of share capital has been declared as interim dividend.
The OPGC managing director, Indranil Dutta, and director (finance) HP Nayak presented the cheque to chief minister in the presence of energy minister Mallick, energy principal secretary Hemant Sharma.
OPGC, a joint venture company with the Odisha government and the US utility AES Corproation holding 51 and 49% stakes, is currently owning a thermal power plant with two units of 210 MW capacity.