Bhubaneswar: The Odisha Cabinet on Friday approved the merger of Industrial Development Corporation of Odisha Limited (IDCOL) and its subsidiaries in Odisha Mining Corporation (OMC).
With this, OMC will have access to large land bank to explore business operation related to mining sector, construction of official, institutional, residential facilities and monetization of assets apart from availing income tax benefits on account of accumulated losses of IDCOL, IDCOL Kalinga Iron Works Ltd. (IKIWL) and IDCOL Ferro Chrome & Alloys Limited (IFCAL).
The entire liabilities of IDCOL, IFCAL, IKIWL including existing employees would be taken over by OMC and OMC will fund the liabilities from its internal resources without seeking for any budgetary support from the State Government.