Eastern Investments Limited (EIL), is a Non-Banking Financial
Company (NBFC), was incorporated in the year, 1927. It was
nationalized by the Government of India through the Bird & Company
Ltd. in the year 1980 and it became a PSU w.e.f 19th March, 2010.
EIL is holding company of The Orissa Minerals Development Company
Limited (OMDC) and The Bisra Stone Lime Company Limited (BSLC). RINL
acquired 51% equity in EIL and this helped RINL to reduce the
production cost of Visakhapatnam (VSP) to some extent. Hence EIL
became a subsidiary of RINL on 5th January, 2011, so OMDC is also a
subsidiary company of RINL.
OMDC operates six Iron Ore and Manganese Ore mining leases at Barbil
in the district of Keonjhar, Odisha. The lease rights of all the six
mines have expired and the six mines are inoperative for want of
Statutory Clearances, for which necessary actions is taken by the
company to start mining. The company is meeting its expenses from
the interest earnings. The mines of OMDC together have an estimated
reserve of about 206 million tonnes of Iron Ore and 44 million
tonnes of Manganese Ore.
Corporate plan of OMDC for 2012-22 envisages production of 10
million tons of Iron Ore and 1 million tons of Manganese Ore and 2
MTPA beneficiation and 2 MTPA pellet plant at Barbil, Odisha.
The main activities of BSLC is mining and marketing of limestone and
dolomite. The mines are located at Birmitrapur in the district of
Sundargarh, Orissa. The BSLC is having reserves of about 287 million
tons of dolomite & 367 million tons of limestone . The main buyers
of BSLC products (Dolomite & Limestone) are Steel Authority of India
Limited (SAIL) Steel Plants. The company has received Environment
Clearance (EC) for enhancing production to 5.26 Million Tons of
Dolomite and Limestone.
The paid up capital of the Eastern Investment Limited is Rs.1.44
crores consisting of 14, 44,387 shares of Rs. 10 each.
The income of the company is mainly derived from the:
(i) Dividends from investments in shares of various companies
including subsidiary company OMDC
(ii) Interest on term
deposits with banks and deposits in bonds.