Orissa Minerals Development Company Overview
Fundamentals of Orissa Minerals Development Company
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Financials of Orissa Minerals Development Company
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About Orissa Minerals Development Company
Orissa Minerals Development Company Ltd (OMDC) is one of the oldest iron ore mining companies in India. The company is engages in mining and producing iron ore and manganese ore. They also produce spo ... nge iron. Their mines are located around Barbil in Keonjhar district of Orissa. The company is a subsidiary of Eastern Investments Ltd. Apart from mining and marketing of iron ore, the company is engaged in the field of mining and marketing of manganese ore. The company has six mining leases in the Keonjhar district of Orissa. The company has a joint venture in the name and style of East India Minerals Ltd (EIML) with stake of 26%. Orissa Minerals Development Company Ltd was incorporated in the year 1918. Initially, the company was under the Bird Group of companies. The Bird Group of Companies was nationalized by the Government of India. Consequent upon such nationalization of the Undertaking, the shares held by the said company in twenty one companies were transferred in the name of the President of India. After the company came under the Ministry of Steel, Government of India, the Government extended financial support to the company in the Development of Mines, Clearing outstanding dues, Creating facilities for sizing iron ore and Replacement of old/ worn out equipment and providing new equipment. In the year 1992, the company set up a joint venture company, namely East India Minerals Ltd for production of sponge grade iron ore. From September 1999, they started commercial production. During the financial years 1994-95, 1995-96 and 1996-97 the company was able to achieve marginal profits. Consequent to recession in Iron and Steel Industry the position deteriorated from 1997-98 since the demand of its products declined sharply. With the recessionary trend in the steel industry having been over since 2003 onwards, the company's position improved and they had started making significant amount of profit after tax. In June 2004, as a part of diversification, the company set up a 100 TPD Sponge Iron Plant and the plant started making commercial production. They entered into the venture of direct export of iron ore fines from the year 2005-06. During the year 2009-10, the restructuring scheme for the Bird Group of Companies as approved by the Ministry of Steel Government of India and also the Union Cabinet was implemented with effect from March 19, 2010. Thus, the group has transformed from a government managed company to a government company. As per the scheme Eastern Investments Ltd, another company under the group, in pursuit of making OMDC as their subsidiary in due compliance of the terms of the approved scheme acquired requisite number of shares of OMDC, major from the President of India on share swap basis and balance from LICI on direct payment basis. As of March 19, 2010, Eastern Investments Ltd held 50.01% interest in the company. Thus, OMDC became a subsidiary company of Eastern Investments Ltd. As Eastern Investments Ltd was converted to a government company consequent to their preferential allotment of equivalent number of shares in the name of the President of India, OMDC as subsidiary of Eastern Investments Ltd also attained the status of a government company. As of March 31, 2010, the company's mining lease area aggregates to 4365.262 hectares covering six mining leases in Barbil, district Keonjhar inclusive of three leasehold areas totaling 2068.272 hectares in the name of Bharat Process & Mechanical Engineers Ltd (BPMEL). The equity shares of the company were listed on the National Stock Exchange Ltd with effect from September 29, 2010. The company plans to install 2 MTPA Pelletizing Plant with 2 million tonne iron ore beneficiation facilities at Thakurani, Orissa. Also, they are in the process of expanding their existing 30000 TPA Sponge Iron Plant at Thakurani, Orissa. The company is exploring opportunities to go for exploitation of Iron ore and other minerals like coal, Manganese, Diamond, gold etc, for which the company is looking forward for leases/ buy properties from foreign countries directly/ under Special Purpose Vehicle/ Joint Ventures etc. The company also consider about exploring the opportunities of acquiring mining leases in other minerals in the state or other states within the country or outside the country. Read More
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