Orissa Minerals Development Company Share Price

Orissa Minerals Development Company Ltd was incorporated in the year 1918. The Company is one of the oldest iron ore mining companies in India. The company engages in mining and producing iron ore and manganese ore. They also produce sponge iron. Their mines are located around Barbil in Keonjhar district of Orissa. The company is a subsidiary of Eastern Investments Ltd.The Company operates 6 Iron Ore and Manganese Ore mining leases at Barbil in Keonjhar Dist. of Odisha, namely Dalki Manganese Mines, Kolha Roida Iron Manganese mines, Thakurani Iron and Manganese Mines, Belkundi Iron and Manganese Mines, Bagiaburu Iron Mines and Bhadrasahi Iron and Manganese Mines. It has a joint venture in the name and style of East India Minerals Ltd (EIML) with stake of 26%. Initially, the company was under the Bird Group of companies in 1980. 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 199495, 199596 and 199697 the company was able to achieve marginal profits. Consequent to recession in Iron and Steel Industry the position deteriorated from 199798 since the demand of its products declined sharply. With the recessionary trend in the steel industry having been over since 2003 onwards, the companys 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 200506. During the year 200910, 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 companys 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 was accorded the status of Schedule B Central Public Sector Enterprise (CPSE) with effect from 19th March, 2010 by Department of Public Enterprises (DPE) in consultation with Ministry of Steel, Government of India.In accordance with the Cabinet decision dated 10.09.2009, 51% shareholding, (i.e. 7,36,638 shares) of Government of India in Eastern Investments Limited (EIL) was transferred to Rashtriya Ispat Nigam Limited (RINL). Thus RINL became the holding company of EIL, and its subsidiaries OMDC and BSLC also were made subsidiaries of RINL w.e.f. 05.01.2011. Brahmani Coal Block was surrendered to Ministry of Coal (MoC) in 2022. In 202223, the company achieved significant progress in the attempts towards bringing the mines into operation. It received extension of mining lease period for Bagiaburu, Belkundi and Bhadrasahi mines. Further, the clearance of Honble Supreme Court was received for resumption of mining operations in these mines. The company is in the process of obtaining the clearances. Also OMDC obtained permission from Honble Supreme Court of India for Sale of undisposed stock of minerals from Bhadrasahi vide order dated 11.08.2020 and for Belkundi Bagiaburu mines vide order dated 07.04.2022. Despatch from Bhadrasahi mines started on 28.06.2021 and 1.50 lakh tonnes of Iron Manganese Ore dispatched during FY 23. For Bagiaburu first EAuction conducted on 17.03.2023.