Bhubaneswar: In a significant step towards strengthening infrastructure and welfare projects, the Odisha State Police Housing & Welfare Corporation Ltd. (OPHWC) signed a Memorandum of Understanding (MoU) with the Home Department, Government of Odisha, for the financial year 2024-25. The MoU was signed by Soumendra Priyadarshi, Chairman and Managing Director, OPHWC, and Satyabrata Sahu, Additional Chief Secretary, Home Department.
As per the agreement, OPHWC has been given a turnover target of ₹1,250 crore, marking a 15% increase compared to the 2023-24 financial year. The corporation has also been assigned a profit target of ₹62.50 crore, reflecting a 16% growth from the previous fiscal year. Additionally, OPHWC has committed to distributing a dividend of ₹1,250 crore for FY 2024-25, which is 16% higher than the previous year.
For the ongoing financial year, OPHWC has set a target to complete 700 infrastructure projects, including 200 projects in Left Wing Extremism (LWE)-affected areas. The corporation will also focus on diversifying its portfolio, with 50% of its total turnover expected to come from departments outside the Home Department.
Further, OPHWC has been tasked with completing the reconciliation and financial closure of 700 completed projects and ensuring compliance with all statutory requirements within stipulated deadlines.
The MoU outlines a strategic roadmap for OPHWC, reinforcing its role in infrastructure development and welfare projects for the state’s security forces and public institutions. By expanding its operations and strengthening financial performance, OPHWC aims to enhance Odisha’s police infrastructure and contribute to broader developmental initiatives across the state.
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