Bhubaneswar: The Odisha Mineral Exploration Corporation Ltd. (OMECL), a State owned concern, merged with Odisha Mining Corporation (OMC). The State cabinet which met under the chairmanship of chief minister Naveen Patnaik Friday approved the merger proposal.
The merger will expedite the exploration of new blocks, thus more blocks will be available for auction, which will Increase the revenue for the goverment. OMC will not be seeking any budgetary support from Govt. for exploration activities.
With this Merger, better talents will be engaged with the brand image of OMC to undertake exploration activities at a faster rate and for taking up a greater number of blocks for exploration.
After Merger, OMC would get land measuring Ac 14.816 of OMECL at Jagannath Prasad, Bhubaneswar which would be utilised for developing core library, R&D institution and other ancillary infrastructure relating to exploration and mining activities.
Further, after merger multiplicity of statutory compliances as per Companies Act, 2013 shall be avoided which will give more time to the senior management for better decision making.
