Mysuru: The Mysore Paints and Varnish Limited (MPVL), a State government undertaking 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.

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 for  a dividend of Rs 23,68,250.

The dividend amount was presented to Chief Minister Siddharamaiah at his office in Bengaluru on Jan.2 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. H.A Venkatesh, Chairman and C. Harakumar, General Manager (Administration), were present, according to a press release from Dr. Chandrashekar Doddamani, Managing Director of the company.