Oil India gives 275 pc dividend to govt for FY08

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New Delhi, Oct 15 (UNI) State-owned Oil India today gave a final dividend cheque of Rs 315 crore for 2007-08 to the government.

With this payout, the company has paid a total dividend of Rs 577.50 crore for the year, which is 275 per cent of its paid-up capital of Rs 210 crore, the company said. Earlier, it had paid an interim dividend of Rs 262.50 crore for the year.

In 2006-07, total dividend payment of Rs 546 crore amounted to 260 per cent of the compay's paid-up capital.

The Rs 315 crore dividend cheque was given to Petroleum Minister Murli Deora by Oil India's CMD M R Pasrija.

India's second largest oil and gas company said its profit after tax was Rs 1,788.93 crore in 2007-08 on a total income of Rs 6,795.46 crore.

Net worth of the company rose by 16 per cent to Rs 7,932.97 crore from Rs 6,849.07 crore in 2006-07 even after providing for a subsidy of Rs 2,305.09 crore on crude oil and LPG sales, Oil India said in a statement.

Enjoying ''Mini Ratna Category I'' status since 1997, the company said its proposal on initial public offering (IPO) and issue of shares to employees have been approved by government and is on track.

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