Adhunik Metaliks subsidiary to bring IPO

Orissa Manganese and Minerals Ltd (OMM), a subsidiary of alloy steel producer Adhunik Metaliks is planning to raise up to Rs 300 crore from initial public offer to fund its mining plans.

OMM plans to set up a pelet plant and iron ore beneficiation plant in Jharkhand's Nuamundi which will convert iron ore fine into pellets. It is also planning to set up a Manganese ore beneficiation plant in Orissa's Dhenkanal which will process low grade ore wasted for use in ferro alloy unit.

Both the plants will cost Rs 1100 crore said the company in a press release.