Orissa drops disinvestment plan of two Idcol units

Satisfied with the progress made by two major units of the state run Industrial Development Corporation Limited (Idcol), Orissa government today dropped their disinvestment plan.     

The decision not to privatise Idcol Kalinga Iron Works Limited (IKIWL) at Matkambeda in Keonjhar district and Idcol Ferro Chrome Alloys Limited (IFCAL) in Jajpur district was taken at a meeting chaired by Chief Secretary Ajit Kumar Tripathy here.     

Official sources said the cabinet committee on disinvestment in 2004 had identified at least seven units of the Idcol to be disinvested in view of the huge loss incurred by them. Of the seven units five had already been disinvested.     

The units already disinvested are Idcol Cement Limited at Baragarh, Hirakud Industrial Works Limited, Hira Rerolling Mill, Hira Cable and a spinning mill at Baripada.     

"Though IKIWL and IFCAL had together caused a cumulative loss to the tune of Rs 200 crore, they have undertaken a turnover of Rs 750 crore in the last fiscal," Industrial Promotion Investment Corporation of Orissa Limited (Ipicol) Managing Director Ashok Kumar Meena told reporters after the meeting.