Orissa Minerals Development Company

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]

Orissa Minerals Development Company Limited(OMDC)
TypePublic 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
ISININE725E01024
IndustryMining
FoundedAugust 16, 1918 (1918-08-16)
FounderGovernment of India
HeadquartersBhubaneswar, Odisha,
India
Area served
India
Rs 29.14 crore (March 2020 [1])
Total assetsRs 479.45 crore (March 2020[1])
OwnerBird Group of Companies

History

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

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

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

References
  1. Himatsingka, Anuradha (7 October 2020). "Operational creditor takes Orissa Minerals Development Company to NCLT". The Economic Times.
  2. Handique, Maitreyee (4 April 2007). "Bird Group to be restructured, 3 subsidiaries to be shut down". Livemint.
  3. "Orissa Minerals Development admitted to CIRP". Indiainfoline. 6 October 2020.
  4. "Company profile". Birdgroup.co.in. Retrieved 7 October 2020.
  5. "Orissa Minerals Development Company - Company History". Business Standard. Retrieved 7 October 2020.
  6. "Public Enterprises Survey 2018-19 | Department of Public Enterprises | MoHI&PE | GoI Page No. 5". dpe.gov.in. Retrieved 31 May 2020.{{cite web}}: CS1 maint: url-status (link)
  7. Moitra, Sumit (21 September 2018). "OMDC settles creditor dues, comes out of NCLT". DNA India.


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