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ONGC gets 10% Interim Dividend from Pawan Hans Helicopters
New Delhi, April 17, 2008
| India's national helicopter company Pawan Hans Helicopters
Ltd. (PHHL) has paid an Interim dividend of Rs. 2.45 crore (10
per cent) to Oil and Natural Gas Corporation Ltd. (ONGC) for
the fiscal 2007-08 (FY-08). The interim dividend cheque was
formally handed over to ONGC CMD R S Sharma by PHHL CMD R K
Tyagi in the former’s office in New Delhi on 17th April 2008. |
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21.5 per cent equity of Pawan Hans is held by ONGC, the
balance 78.5 per cent being with the government. The dividend
pay-out history of PHHL has been very consistent, as from
2004-05 (FY-05) onwards, PHHL had paid a total dividend of 20
per cent to its shareholders every year.
Pawan Hans was incorporated in 1985 out of ONGC's offshore
logistics requirements. It emerged as the country's national
helicopter company, providing helicopter support services to
the Oil Sector for its off-shore exploration operations,
services in remote areas as well as charter services to
promote tourism.
Speaking on the occasion, ONGC CMD R S Sharma said that
ONGC has a high comfort level at working with national
carriers like Pawan Hans. “Pawan Hans should proactively gear
up to face private competition”. Sharma, noting that Pawan
Hans has a practice of paying out almost all of its
Profit-After-Tax as dividend to shareholders, advised that a
part of the profit should be invested in business.
PHHL CMD R K Tyagi said on the occasion that both
Financials as well as Services of PHHL have improved, riding
on the high demand for Helicopters in the country. He added
that PHHL is envisaging augmenting their fleet and service
portfolio to establish itself as a key player in the industry,
not only in civilian segment, but also in Defence.
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