The Orissa Minerals Development Company Limited (OMDC), (also known as Orissa Minerals),[2] is a Public Sector Undertaking company[3] in the Indian states of Odisha under administrative control of Department of Steel and Mines, Government of Odisha.[4] It was founded on August 16, 1918 and is engaged in the mining and production of iron ore and manganese ore. It is a subsidiary of state-owned Rashtriya Ispat Nigam Limited. It is listed at Calcutta Stock Exchange (CSE), National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE).[4]
 | |
| Company type | Public Sector Undertaking Bird Group of Companies under The Bird & Company Ltd ( Acquisition and Transfer of Undertakings and other properties ) Act, 1980 |
|---|---|
| NSE: ORISSAMINE BSE: 590086 | |
| ISIN | INE725E01024 |
| Industry | Mining |
| Founded | August 16, 1918 |
| Founder | Government of India |
| Headquarters | Bhubaneswar, Odisha, India |
Area served | India |
| Rs 29.14 crore (March 2020 [1]) | |
| Total assets | Rs 479.45 crore (March 2020[1]) |
| Owner | Bird Group of Companies |
History edit
OMDC was incorporated on August 16, 1918. In 1980, the company was nationalized by Government of India through the Bird & Company Limited. It became a Public Sector Undertaking in March 2010.[5]
According to Indian Bureau of Mines approval, it had an annual production capacity of 2.20 million tons of Iron Ore and 0.1 million tons of Manganese ore.[4]
As of March 2016, the net worth of Orissa Minerals Development Company Limited is ₹834.91 crore (US$105 million).[4] It ranks #6 in the Top 10 Loss Making CPSEs for 2018–19 with a net loss of ₹452 crore (US$57 million), as per the list released by the Public Enterprises Survey, Ministry of Heavy Industries and Public Enterprises.[6]
Insolvency edit
In October 2020, OMDC admitted to Corporate Insolvency Resolution Process (CIRP) under the provision of IBC, 2016.[1] The bankruptcy case was accepted by the National Company Law Tribunal court.[1]
Earlier in 2018, the Corporate Insolvency Resolution Process (CIRP) was initiated against the company, but the case was settled when the company paid creditors' dues.[7]
Mines edit
It operates six iron ore and manganese ore mining leases, including Dalki Manganese Mines, Kolha Roida Iron & Manganese mines, Thakurani Iron & Manganese Mines, Belkundi Iron & Manganese Mines, Bariaburu Iron Mines hand Bhadrasai Iron & Manganese Mines. The mining leases located are at Barbil in the district of Kendujhar, Odisha.[7] As of October 2020, the mining operations of Orissa Minerals are under suspension due to non availability of statutory clearances.[1]
See also edit
References edit
- ^ a b c d e Himatsingka, Anuradha (7 October 2020). "Operational creditor takes Orissa Minerals Development Company to NCLT". The Economic Times.
- ^ Handique, Maitreyee (4 April 2007). "Bird Group to be restructured, 3 subsidiaries to be shut down". Livemint.
- ^ "Orissa Minerals Development admitted to CIRP". Indiainfoline. 6 October 2020.
- ^ a b c d "Company profile". Birdgroup.co.in. Retrieved 7 October 2020.
- ^ "Orissa Minerals Development Company - Company History". Business Standard. Retrieved 7 October 2020.
- ^ "Public Enterprises Survey 2018-19 | Department of Public Enterprises | MoHI&PE | GoI Page No. 5". dpe.gov.in. Retrieved 31 May 2020.
- ^ a b Moitra, Sumit (21 September 2018). "OMDC settles creditor dues, comes out of NCLT". DNA India.
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