The State Cabinet on Friday approved the merger of Odisha Mineral Exploration Corporation Limited (OMECL) with the Odisha Mining Corporation (OMC).
The merger would expedite the exploration of new blocks, thus more blocks would be available for auction, which would increase the revenue for the Government.
The OMC would not be seeking any budgetary support from the Government for exploration activities.
With this merger, better talents would be engaged with the brand image of the OMC to undertake exploration activities at a faster rate and for taking up a greater number of blocks for exploration.
After merger, the OMC would get land measuring 14.816 acre of the OMECL at Jagannath Prasad, Bhubaneswar which would be utilised for developing core library, R&D institution and other ancillary infrastructure relating to exploration and mining activities.
Further, after merger multiplicity of statutory compliances as per Companies Act, 2013 shall be avoided which would give more time to the senior management for better decision-making.
