Odisha Mining Corporation fails to reap benefits from investments in JVs

The JV was formed to set up a thermal power plant of 3200 Mw capacity for supply of power to Odisha

State controlled mining entity, Odisha Mining Corporation (OMC) has failed to benefit from its investments sunk into 12 joint venture (JV) companies. The JVs were forged across sectors that ranged from iron ore to bauxite mining and coal extraction to power transmission.

A report on the Public Sector Undertakings for the year ended March 31, 2017, shows at the end of 2016-17, OMC had invested Rs 40.8 billion into the JV companies. But, none of the JV projects was completed (as on October 2017). Non-commissioning of projects was primarily due to delay in finalisation of project development agreements, failure to obtain