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Proposal to make OMDC arm of Rashtriya Ispat: Steel Ministry

Proposal to make OMDC arm of Rashtriya Ispat: Steel Ministry
PTI
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First Published: Fri, Dec 19 2008. 06 38 PM IST
Updated: Fri, Dec 19 2008. 06 38 PM IST
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.
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First Published: Fri, Dec 19 2008. 06 38 PM IST