Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Politics / News/  Proposal to make OMDC arm of Rashtriya Ispat: Steel Ministry
BackBack

Proposal to make OMDC arm of Rashtriya Ispat: Steel Ministry

Proposal to make OMDC arm of Rashtriya Ispat: Steel Ministry

Premium

New Delhi: The government is considering to make Orissa Minerals Development Company (OMDC) and other firms under the Bird Group of Companies (BGC) subsidiary units of state-run steel maker Rashtriya Ispat Nigam Ltd.

“IFCI, financial consultancy services provider, has recommended inter-alia making the companies under the Bird Group of Companies, including OMDC and Bisra Stone Lime Company, government companies and also to make them subsidiary units of RINL," Minister of State for Steel Jitin Prasada informed the Rajya Sabha in a written statement.

Bird Group of Companies (BGC) falls under the administrative control of the steel ministry, the statement said. OMDC, one of the biggest firms under BGC, is estimated to have iron ore reserves to the tune of 200 million tonnes and if it becomes a subsidiary unit of RINL, it could feed the steel maker for the next 15 years.

IFCI was given the task for preparing the restructuring proposal of the companies under BGC, the statement added.

There are about seven companies under BGC.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 19 Dec 2008, 06:38 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App