The cabinet sub-committee on disinvestment of the Orissa government has asked the Industrial Development Bank of India (IDBI) to give a presentation on the impact of sale of ferrochrome plant of the state-owned Industrial Development Corporation (IDC) both with and without the captive mines.
This decision of the cabinet sub-committee follows the differences within the panel whether the sick unit, located at Jajpur Road, should be sold along with the captive mines or not. IDBI is the consultant to the disinvestment process.
The cabinet sub-committee, in its last meeting held under the chairmanship of revenue minister BB Harichandan, discussed whether it will be beneficial for the government to sell off 222 hectres of captive mines allotted to IDC to the prospective buyer of the unit.
IDC has explored only 65 hectres of the allotted mines located at Tarling in Sukinda area of Jajpur district with a major chunk of the leased area still remaining unexplored.
Some members of the subcommittee were of the opinion that no private investor will show interest for buying a sick unit without the captive mines, while others argued against the sale of the mines.
The sub-committee wants to consider all the pros and cons of the matter before taking a decision on the disinvestment.
