New Delhi: Indian Petroleum and Natural Gas Minister Ram Naik received a cheque for Rs 8,06,16,060 towards the Indian government''s share in the dividend declared by IBP Co Ltd for the financial year 2002-03.

The cheque was presented by IBP chairman M S Ramachandran in the presence of IBP managing director Arun Jyoti and other directors. Present on the occasion were officials from the ministry of petroleum and natural gas, including B K Chaturvedi, secretary; M S Srinivasan, additional secretary; and B K Das, additional secretary.

IBP has declared its highest ever dividend of 140 per cent on its equity share capital. The Indian government currently holds 26 per cent of the paid-up share capital of the company (57,58,290 equity shares of Rs 10 each) while IndianOil holds 53.58 per cent of the company''s paid-up share capital. IBP has also paid to Indian Oil Corporation a sum of Rs 16,61,41,668 as dividend on the shares held by the Fortune 500 navratna company.

During the financial year 2002-03, IBP recorded its highest ever turnover of Rs 8,753 crore as against Rs 8,453 crore in the previous year. The profit before tax and profit after tax of the company during 2002-03 were Rs 140.74 crore and Rs 87.75 crore, respectively. This is despite absorbing significant under-recovery of subsidy on account of SKO (PDS) and LPG (domestic) and the under-recovery of freight for sales in inland locations, after withdrawal of the administered pricing mechanism. The paid-up capital of the company is currently Rs 22.15 crore while its accumulated reserves aggregate Rs 476.71 crore.

IBP, which had become a debt-free company having repaid its loan liabilities during the financial year 2001-02, maintained its debt-free status during 2002-03. The company''s persistent efforts to implement sound governance practices has resulted in IBP being rewarded with the prestigious ICSI National Award for excellence in Corporate Governance for the calendar year 2002 — an award which was conferred by Indian Vice President Bhairon Singh Shekhawat on the recommendation of an independent and erudite jury.

A greater synergy in customer service is the focus of the company after becoming a part of the IndianOil group. During 2002-03, IBP has re-emphasised its position as a front-ranking ''retailer with a difference'' by commissioning 523 new retail outlets in a single year, which is the highest among the oil marketing companies and an all-time record. Its network at the close of the financial year 2002-03 stood at 2,079 retail outlets and 378 SKO/LDO dealerships. The company''s LPG distributorships network stood at 64 with a customer base of 2.63 lakh.