The state government undertaking Mysore Paints and Varnish Limited (MPVL), which achieved a turnover of Rs 28.46 crore, made a profit of Rs 6.18 crore (profit before tax) during the financial year 2016-17.
According to a press release from Chandrashekhar Doddamani, Managing Director of the company, MPVL has declared a dividend of 25% for the year 2016-17 to its shareholders. The Karnataka government being one of the shareholders owns 91.39% equity holdings in the company and is entitled to a dividend of Rs 23,68,250.
The dividend amount was presented to the Chief Minister Siddaramaiah at his office in the presence of R V Deshpande, Minister for Large and Medium Scale Industries and Infrastructure Development, and D V Prasad, Additional Chief Secretary, Commerce and Industries Department in Bengaluru, recently.
H A Venkatesh, Chairman, Chandrashekhar Doddamani, MD, and C Harakumar, general manager (administration), were present.
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