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State-run miner Odisha Mining Corporation (OMC) has invested Rs 251.9 crore on three joint venture (JV) projects as part of its efforts to diversify and pursue projects beyond mining.
The amount has been invested on a coal-based thermal power plant and two crucial rail projects where OMC is a partner in the special purpose vehicles (SPVs) formed for their implementation.
OMC has pumped in Rs 114.20 crore as equity contribution in the 2,400 Mw (3x800) coal-fired plant coming up at Kamakhyanagar in Dhenkanal district. The project is being executed by Odisha Thermal Power Corporation Ltd (OTPCL), a 50:50 JV between OMC and Odisha Hydro Power Corporation (OHPC). The cost of the project is estimated at Rs 16,000 crore at the rate of Rs 6.74 crore per Mw. An expenditure of Rs 216 crore has been incurred till January 2015.
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OMC is committed to invest more on this upcoming power project in 2015-16 depending on the requirement, says an activity report of steel & mines department for 2014-15.
Total land for the OTPCL's power project including the railway corridor has been finalised at 1,767.9 acres.
Of the total compensation of Rs 184 crore for private land measuring 982 acres, 60 per cent payments have been made to the land oustees.
Besides, OMC has made equity contribution in key rail link projects like Angul-Sukinda and Paradeep-Haridaspur.
In Angul Sukinda Railway Ltd, an SPV formed to execute the rail link, OMC has so far invested Rs 63 crore. The SPV is jointly promoted by OMC, Rail Vikas Nigam Ltd (RVNL), Jindal Steel & Power Ltd (JSPL), Odisha Industrial Infrastructure Development Corporation (Idco) and Container Corporation of India (Concor). Of the envisaged project cost of Rs 1,202.70 crore, Rs 459.15 crore equity has been received from the promoters. Till December 2014, Rs 142.50 crore has been spent on the project. Similarly, OMC has contributed its full equity commitment of Rs 74.70 crore to the SPV- Haridaspur-Paradeep Railway Company Ltd. RVNL, Posco India, Idco, Steel Authority of India Ltd (SAIL) and JSPL are the other shareholders in the SPV.
By the end of December 2014, the Haridaspur-Paradeep rail project has seen investment of Rs 389.85 crore.
