Adhunik Metalics buys iron ore miner OMM

Adhunik Metaliks, the flagship company of the Kolkata-based Adhunik Group, has acquired Orissa Manganese & Minerals (OMM). The valuation of the acquisition has not been disclosed.

0MM, a company started in 1953, has mining rights for 15 million tonne of manganese ore in about 2,365 acre in Orissa and 35 million tonne of iron ore and graphite in about 680 acre in Bihar. Its turnover on account of manganese ore is about Rs 10 crore per annum.

Adhunik Metaliks, in a release issued to the BSE today, is planning manganese ore mining immediately and iron ore mining within 3-6 months. The mines do not have any captive clause and could be sold in the open market to various end users.