Merger of Bird Group of Companies
The Minister of Steel, Shri Beni Prasad Verma has said that out of the five operational companies under the Bird Group of Companies, two companies, namely, Karanpura Development Company Limited and Scott & Saxby Limited were wound up and the other three companies, namely, Eastern Investments Limited, Orissa Minerals Development Company Limited and Bisra Stone Lime Company Limited became Public Sector Undertakings w.e.f. 19.03.2010 in a holding cum subsidiary structure under Rashtriya Ispat Nigam Limited, a PSU under Ministry of Steel, in order to make these companies economically viable and sustainable.
In a written reply in the Lok Sabha today Shri Verma said, all the employees of the Bird Group of Companies have been extended protection in their jobs. 130 executives and non-executive employees of Karanpura Development Company Limited and Scott & Saxby Limited were adjusted in Orissa Minerals Development Company Limited alongwith protection of continuity of service, pay, gratuity, provident fund and leave benefits.