Bhubaneswar: The Odisha Cabinet on Friday approved the merger of IDCOL & its subsidiaries in OMC.
With this, OMC will have access to large land bank to explore business operation related to mining sector, construction of official/ Institutional, residential facilities and monetization of assets apart from availing Income tax benefits on account of accumulated losses of IDCOL, IKIWL & IFCAL.
The entire liabilities of IDCOL/IFCAL/IKIWL including existing employees would be taken over by OMC and OMC will fund the liabilities from its internal resources without seeking for any budgetary support from the State Government.
