New Delhi : State-owned firms including Oil and Natural Gas Corp, Coal India and SAIL this fiscal will pay Rs 28,595 crore in dividend to the cash-strapped government.
The dividend payout by 23 profit-making central PSUs is about Rs 2,000 crore higher than the last year and has already been indicated or promised by the heads of the major PSUs in a recent meeting with the Finance Minister P Chidambaram. The assurance comes as a response to the Finance Minister’s order that “in no case less dividend compared to 2012-13 will be accepted”.
He directed that CPSEs would need to declare special dividend if their capital expenditure (capex) fell short of target.
World’s largest coal producer Coal India has committed a Rs 7,958 crore dividend, the maximum among the major PSUs, to government for current fiscal. Next in the line is the oil major ONGC. It has committed Rs 5,627 crore dividend, same as the last year, as the capex target of the company was almost at par up to September. However, there were others like Indian Oil Corporation or Oil India who quoted less dividend than last year, but Finance Minister insisted they should give more or at least maintain the last year’s level.