Leading pellet maker and a PSU under Union ministry of steel KIOCL is all set to acquire 51% equity in ailing Odisha PSU-Industrial Development Corporation of Odisha (Idcol) Ltd. KIOCL has been one of the front-runners in picking up controlling stake in the two Idcol units- Idcol Kalinga Iron Works Ltd and Barbil and Idcol Ferrochrome & Alloys Ltd after rounds of failed bidding by other PSUs like Steel Authority of India Ltd (SAIL) and National Aluminium Company (Nalco).
The financial bid submitted by KIOCL for acquiring majority stake in the two Idcol units has elicited positive response from the Odisha government. For the past few years, the state government was looking to induct a strategic partner to turnaround the ailing companies.
The state government has now sought the intervention of the Union steel ministry to speed up the acquisition process, which can mutually benefit KIOCL and Idcol.
Read more from Business Standard