Its time for KIOCL to aquire 51% equity in ailing Odisha PSU, IDCOL. Leading pellet maker and PSU, KIOCL Limited, a flagship Company under the Ministry of Steel, Government of India is all ready to pick up 51% equity in the ailing Odisha PSU-IDCOL. Being the front-runner, KIOCL has succeeded in picking up governing stakes in the duo unit of IDCOL – KALINGA IRON WORKS LTD and IDCOL FERROCHROME & ALLOYS LTD, putting back PSUs like SAIL & NALCO in the bidding.
From the past few years the Odisha govt has been looking around for investors and especially strategic partners for the sick and ailing companies. And finally it seems the govt has shown positive response to the financial bid submitted by KIOCL in acquiring majority stake in the IDCOL units and has asked the Union Steel ministry to gear up the acquisition process, which can mutually benefit both the parties, said sources.
