The Hindu Business Line : WBIDC to pay Rs 58 lakh interim dividend

THE West Bengal Industrial Development Corporation (WBIDC), for the first time since its inception, will pay about Rs 57.58 lakh to the State Government as an interim dividend for the fiscal 2005-06.

Announcing this, the State's Commerce and Industry Minister and the Chairman of WBIDC, Mr Nirupam Sen, said here on Friday that the corporation was confident that there would be sufficient surplus in the current fiscal ending March 2006 facilitating it to declare reasonable final dividend for current fiscal. Mr Sen didn't specify the percentage of dividend.

Indicating that the financial results (un-audited) for the nine months of the current fiscal under review are encouraging and there has been an overall improvement in all segments, Mr Sen said the operating profit was expected to increase by 28 per cent in the whole of 2005-06 from about Rs 17.5 crore of last year to over Rs 21 crore, while profit after tax expected to touch at about Rs 10.25 crore from about Rs 7.49 crore last year.

The Minister told newspersons that WBIDC was considering a proposal of setting up a venture capital fund. ICICI Winfra has been entrusted the job of examining the financial viability of such a fund, which is planned to be created to help support first generation entrepreneurs' capital need toward equity investment. Although the proposal was at the consideration stage, the minimum amount of fund, if fructified, would be about Rs 250 crore, he said.

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