OIL INDIA PAYS RECORD DIVIDEND OF Rs. 273 CRORE TO GOVERNMENT

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Oil India Limited (OIL), a PSU under the Ministry of Petroleum and Natural Gas has paid a final dividend of Rs. 189 crore to Government of India for the year 2002-03. The cheque for the said dividend was handed over to Shri Ram Naik, Minister for Petroleum and Natural Gas by Shri R. K. Dutta, Chairman and Managing Director of the Company in the presence of Senior Officials of the Ministry and Directors of the Company.

The total dividend, including the interim dividend of 40% (Rs. 84 crore) paid earlier, amounts to a record 130% (Rs.273 crore). Against this, the dividend paid to the Government of India was 75% amounting to Rs. 160.5 crore during the previous year. OIL made a post tax profit of Rs. 916.73 crore during 2002-03 as against Rs.525.22 in the previous year. The Government of India holds shares of Rs. 210 crore representing 98.13% of the total share capital of the company. Remaining shares are with the employees of the Company.