In a recent move the Centre has expressed its desire to hike its stake in Orissa Minerals Development Company Ltd (OMDC), Birsa Stone Lime Company Ltd, Karanpura Development Company Limited, Scott & Saxby Ltd and Eastern Investment Ltd? known as Bird Group of Companies to 51 %.
This hike will make the aforesaid companies, public sector units (PSUs). At present, Centre?s holding is below 51% hence, they are under the administrative control of the ministry of steel but do not fall under the purview of PSUs.
Steel secretary R S Pandey told FE ?Bird Group of companies are not PSUs. One of the several recommendations of JK Bagachi Committee is to increase the Centre?s stake in all the companies. We are considering the proposal?
The matter is likely to be taken up with various states and will be finalised in soon. Also, the J K Bagachi committee has suggested the possibility of linking these companies to bigger players. If the proposal is accepted, it will not only improve the efficiency of these companies but benefit the bigger players too.
A committee headed by J K Bagachi, former secretary in the ministry of steel, was constituted in 2006 to suggest restructuring of Bird group of companies.