PSU NEWS
Govt eyes Rs 15K cr from oil PSUs as dividend
NEW DELHI .Public sector oil companies, which have higher profitability now after the mergence of favourable conditions in the international market, may have to dole out more in dividend this year to shore up the government revenue.
Sources privy to the development said state-owned entities in the upstream and downstream segments might together provide anything between Rs 14,000 crore and Rs 15,000 crore to shareholders as interim dividend in FY17. The bulk of the money will go to the government, the biggest shareholder in these companies. The Centre needs to shore up its revenue to boost its public investment and counter the anticipated ill effects of demonetisation.
The government had received about Rs 34,000 crore out of the total dividend of about Rs 58,000 crore declared by 112 state firms in 2014-15. The dividend was about 44 per cent of the net profit. A quarter of this dividend came from oil sector companies.
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