Adhunik Metaliks' subsidiary to raise Rs 250-300 cr through IPO

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Mumbai, Aug 19 (UNI) Leading alloy steel producer Adhunik Metaliks Ltd's 100 per cent subsidiary Orissa Manganese and Minerals Ltd (OMM) proposes to raise Rs 250-300 crore from an initial public offer (IPO), called a public issue, later this year to fund its mining plans.

All mines of OMM, barring dolomite, are now in operation.

OMM is planning to set up a pellet plant and iron benefication plant in Nuamundi, Jharkhand and manganese ore beneficiation plant at Dhenkanal, Orissa. The company has already received clearance from the State government for both the plants. These plants which will convert iron ore into pellets and process low grade manganese ore waste for use in ferro alloy unit, are estimated to cost Rs 1,100 crore, a Adhunik Metaliks Ltd release said.

OMM today owns substantail mineral resources comprising approximately 90 million tonnes of iron ore, 60 million tonnes of manganese ore and sizeable deposits of dolomite and graphite spread over an area of more than 2,000 hectares.

UNI AR SSS VKG1505

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