Post News Network
Bhubaneswar, March 26: Proposed acquisition of 51 per cent stake by central PSU, KIOCL in state-owned Industrial Development Corporation of Orissa Ltd (IDCOL) will soon be placed before the Public and Cooperative Enterprises Restructuring Committee (PCERC) for taking a final view in this matter.
“The proposal received by KIOCL may kindly be placed before the PCERC with conditions imposed by KIOCL early for taking a comprehensive view in the matter,” a state government communication said.
KIOCL, a mini ratna PSU under Union Ministry of Steel is in the race to pick up controlling stake in the ailing units of IDCOL.
“We are keen on having 51 per cent stake in two units of IDCOL. I had a meeting with the Orissa chief secretary in this connection. The two units are- IDCOL Ferrochrome Alloys Ltd (IFAL) and IDCOL Kalinga Iron Works Ltd (IKIWL). We are in the process of doing due diligence of the two units and expect to be ready with the valuation soon,” KIOCL CMD had earlier said.
Apart from KIOCL, Steel Authority of India Ltd (SAIL) and National Aluminium Company (Nalco) were also keen to take controlling stake in these units.
Kalinga Iron Works Ltd was incorporated under the company’s act, 1956. It is situated in the midst of richest iron ore and manganese ore deposits in Keonjhar district of the state.
