Record Profit for OTPC
State-owned ONGC Tripura Power Company (OTPC), which operates a 726 MW gas-based combined-cycle power plant in Tripura, posted a record profit of 906 per cent in 2016-17 compared to the previous fiscal.
State-owned ONGC Tripura Power Company (OTPC), which operates a 726 MW gas-based combined-cycle power plant in Tripura, posted a record profit of 906 per cent in 2016-17 compared to the previous fiscal. "The OTPC registered a net profit after tax of Rs 130.45 crore during 2016-17, up by 906 per cent as compared to Rs 12.96 crore in the previous year," an ONGC release has said.
"During its board meeting held earlier this week in New Delhi, OTPC has declared maiden dividend of 7.5 per cent of paid-up equity share capital of Rs 1,120 crore amounting to Rs 84 crore for 2016-17 fiscal. The dividend was declared, within two years of commencement of full operation of its power project. With this, OTPC becomes the first dividend paying stand-alone gas based power generation Company in the Country," ONGC said.
The OTPC, a joint venture company of ONGC, Infrastructure Leasing and Financial Services Ltd, IDFC bank and Tripura Government, set up the 726 MW project at Palatana in southern Tripura in June 2013. The Rs 10,000 crore Palatana power plant, which supplies 100 MW power to Bangladesh, is a hallmark of the cooperation between New Delhi and Dhaka, which ensured the smooth passage of heavy project equipment and turbines to Palatana in southern Tripura (65 km south of Agartala) through Bangladesh territory by road and waterways from Haldia port in West Bengal.