Odisha is one of the richest states in India in terms of mineral wealth. However, this wealth was largely untapped as mining is a very capital intensive industry and in the early years of independence capital was scarce. Under these circumstances, the Odisha Mining Corporation Limited (OMC) was incorporated on 16th May 1956 as a joint venture Company of Govt. of Odisha and Govt. of India with the objective of harnessing the mineral wealth of the State of Odisha through exploration, extraction as well as value addition.
Four years later, following the withdrawal of the Govt. of India from the company, OMC became a wholly State-owned Corporation of Govt. of Odisha on 17th Nov 1961. As of now, it continues to be a wholly owned corporation of the Odisha Government, which has subscribed to the entire paid up capital of Rs.31.45 crores out of an authorized capital of Rs.100 crores.
The major minerals mined by OMC are chrome, iron and manganese ore which cater to the requirement of mineral based industries such as steel, sponge iron, pig iron, ferro-manganese, ferro-chrome, etc.
OMC has been growing steadily over these years and today it stands as the largest State PSU in the mining sector of the country. It recorded the highest turn-over of Rs.2756 crore in 2010-11.