 Online edition of India's National Newspaper Saturday, Dec 25, 2010 ePaper | Mobile/PDA Version |
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Andhra Pradesh
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Visakhapatnam
It will provide the much-needed raw material security to it VISAKHAPATNAM: Government of India through an order has given Rashtriya Ispat Nigam Limited (RINL) 51 per cent stake in the Orissa Minerals Development Company Limited (OMDC), which will provide much-needed raw material security to it. The corporate entity of Visakhapatnam Steel Plant and Union Government along with Orissa State-owned holding company owned 51 per cent of the OMDC so far. The OMDC has 6 iron ore mines with combine reserve of 200 million tonnes valued at around Rs.7,000 cr. In 2009 it mined 1.66 mt of ore and posted a profit of Rs.182 crore on a turnover of Rs.347 crore. Production cost of steel at Visakhapatnam Steel Plant rose steeply due to increase in prices of iron and coking coal. The RINL is the only public sector steel plant without its captive raw materials mines. Visakhapatnam Steel Plant Chairman-cum-Managing Director P.N. Bishnoi conveyed the Government decision to Visakha Steel Workers' Union president D. Adinarayana, Deputy General Secretary V. Dhanaraju and INTUC leader Mantri Rajasekhar. The OMDC was incorporated in 1918 and was trading on Calcutta Stock Exchange.
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