Bhubaneswar:9/6/21:The State Cabinet today approved the transfer of Industrial Development Corporation of Odisha Limited (IDCOL) from Industries Department to Steel and Mines Department.
The Industrial Development Corporation of Odisha Limited (IDCOL), a Government of Odisha Undertaking, was set up in 1962 to promote, establish and manage Industries for initiating industrialization in the State and creation of employment opportunities.
“Since the primary objective of IDCOL has now been shifted towards the Mining sector, the Cabinet have been pleased to approve the proposal for transfer of the subject “Industrial Development Corporation of Odisha Ltd.” from the Industries Department to the Steel and Mines Department by amendment of the Odisha Government Rules of Business,” read a press release.
It has good track record of setting up and managing industries in the State over a period of more than half a century. Keeping its pace with the change of time, IDCOL has been taking steps for restructuring its manpower and business and to consolidate its activities in line with the requirements of the industrial economy.
“The activities of IDCOL are now mostly limited to mining operations with few industrial activities. IDCOL has been operating Limestone mines, Iron ore mines, Manganese mines and chromite mines for the past several years. It is presently focusing on consolidating its core activity of mineral-based industries,” added the release.