Managing Director of the Industrial Development Corporation Orissa Limited (IDCOL) Ashok Kumar Meena is eager for big ticket investment by the State-run undertaking. He sees a big picture for the IDCOL in the steel sector.Meena has asked MECON to prepare a perspective plan for the IDCOL to set up two steel complexes at Jajpur Road and Barbil. While a 1-lakh-tonne-per-annum stainless steel project is envisaged at Jajpur Road, a pig iron, sponge iron and steel melting unit has also been planned, said an official.
IDCOL has come out of red and will invest more than Rs.1,000 crore in both steel complexes. During 2007-08, the IDCOL registered more than cent per cent capacity utilisation in both its existing plants at Jajpur Road and Barbil. The last fiscal saw the IDCOL turnover crossing Rs 500 crore and cash surplus being more than Rs 100 crore.
In 2008-09, the IDCOL is planning for a turnover of Rs 800 to Rs 1,000 crore and a cash surplus of Rs 200 to Rs 250 crore, said a financial analyst. The IDCOL's mining operations have also produced positive results, and with the success rate being high, the corporation is asking for more iron ore and chrome ore mines to cater to its expansion plans.
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