Public Sector Undertaking Bird Group of Companies under The Bird & Company Ltd ( Acquisition and Transfer of Undertakings and other properties ) Act, 1980
OMDC was incorporated on August 16, 1918. In 1980, the company was nationalized by Government of India through the Bird & Company Limited. It became a Public Sector Undertaking in March 2010.[5]
According to Indian Bureau of Mines approval, it had an annual production capacity of 2.20 million tons of Iron Ore and 0.1 million tons of Manganese ore.[4]
As of March 2016, the net worth of Orissa Minerals Development Company Limited is ₹834.91 crore (US$98 million).[4] It ranks #6 in the Top 10 Loss Making CPSEs for 2018–19 with a net loss of ₹452 crore (US$53 million), as per the list released by the Public Enterprises Survey, Ministry of Heavy Industries and Public Enterprises.[6]
Insolvency
In October 2020, OMDC admitted to Corporate Insolvency Resolution Process (CIRP) under the provision of IBC, 2016.[1] The bankruptcy case was accepted by the National Company Law Tribunal court.[1]
Earlier in 2018, the Corporate Insolvency Resolution Process (CIRP) was initiated against the company, but the case was settled when the company paid creditors' dues.[7]
Mines
It operates six iron ore and manganese ore mining leases, including Dalki Manganese Mines, Kolha Roida Iron & Manganese mines, Thakurani Iron & Manganese Mines, Belkundi Iron & Manganese Mines, Bariaburu Iron Mines hand Bhadrasai Iron & Manganese Mines. The mining leases located are at Barbil in the district of Kendujhar, Odisha.[7] As of October 2020, the mining operations of Orissa Minerals are under suspension due to non availability of statutory clearances.[1]
