Bhubaneswar: Disappointed with the Odisha government’s slow response, Miniratna PSU KIOCL, a pioneer in high grade Iron pellet making, has indicated that it is contemplating to exit from its proposed joint venture with Odisha Mining Corporation (OMC).
“We are disappointed with the Odisha government and OMC’s cold response at our proposal to form a JV with OMC for utilization of the low grade Iron ore fine of OMC and unless the state government takes any decision on our proposal, we’ll shut down our local office at Bhubaneswar within next 6 months,” said Mr. Malay Chatterjee, CMD of KIOCL.
In Nov’12, Mr. Chatterjee met the Odisha Chief Minister Naveen Pattnaik and expressed the company’s interest for setting up a Pellet and Beneficiation plant jointly with OMC. Bangalore based PSU had aims to tap the unsold fines stashed at various mines of OMC.
KIOCL has its 3.5 MnT Pelletisation Complex and Pig iron Complex at Mangalore, the coastal city of Karnataka. The company is engaged in the business of manufacturing and exporting high quality Iron Oxide Pellets and supply of Pig iron for domestic market. On the other hand, KIOCL’s products are now exported to China, Japan, Iran & Taiwan in the international market besides catering to a number of consumers in the domestic market such as Ispat Industries, Vikram Ispat and Jindal Vijayanagar Steel. From last year, it has been supplying Iron pellets to the Rourkela Steel Plant of SAIL.
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