OMC - An Introduction

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.

OMC is ably managed by an eminent Board of Directors consisting of Government Directors as well as Independent Directors. The Chairman and the Managing Director look after the day-to-day running of the Corporation under the guidance of the Board of Directors.

That OMC has been classified as a “Gold” Category State PSU", is a 100% debt free profit making corporation, is a testament to the excellent processes and systems put in place by the management team.

One such system was the adoption of SAP, an ERP tool, since 2004 to streamline its business processes, bring synergy in functional activities across the organization, handle numerous business locations and expanding volumes. SAP also helps in bringing greater transparency in financial transactions and effective monitoring and financial control enabling the organization to take informed and timely decisions. As a matter of fact, OMC was awarded with the Golden Peacock Award in 2006-07 by the Institute of Directors, New Delhi for successfully implementing SAP across the organization.