NEW DELHI: Receiving the dividend cheque, Petroleum Minister Ram Naik said: "This is the first occasion when the six state-owned companies have paid interim dividend together on a single day." Interestingly, the total interim dividend received is 82 percent of the total dividend of 32.06 billion paid by the six companies for fiscal 2001-02. India's exploration major Oil and Natural Gas Corporation paid the highest interim dividend of 20.39 billion, representing 170 percent of the government's equity. Indian Oil Corporation followed next with 3.19 billion, 50 percent of government equity in the company. Gas infrastructure major GAIL India Ltd., with 1.71 billion, gave the third highest dividend, representing 30 percent of the equity. Oil India Ltd. was next with 840 million, representing 40 percent government equity. The two oil firms slated for disinvestment -- Hindustan Petroleum Corporation Ltd and Bharat Petroleum Corporation Ltd -- have paid 346.1 million and 397.2 million respectively, representing 20 percent equity each. The dividend is usually paid by state-owned companies around August, after disclosing their financial performance for the fiscal year. With government estimated to have raised just one-third of the target of 120 billion through privatisation, oil companies are being tapped to mobilise resources and show a healthier fiscal state as the finance minister prepares to announce India's federal budget on February 28.
Source: IANS