About of the company

The huge iron deposits were discovered by sampat Iyengar in the year 1915 than after few
years in mid-sixties the central government took interest in it and after some years in 1969 the
KUDREMUKH IRON ORE COMPANY LIMITED came into existence with the lease of 30
years. The total sales of the company increased from the year 1996 to 2001 by nearly 21%
(59391 to 72169). The net profit of the company before tax also increased from 1996 to 2001
but from the year 1996-97 to 1997-98 it decreased by nearly 72% than again it increased
continuously. Initially the company worked very well but later two major challenges were
faced by KUDREMUKH IRON ORE COMPANY LIMITED. The first problem faced by
them was they needed the additional areas for doing their operations and the other problem
was to retain and extend its lease but the company’s lease was extended only upto the year
2005 after that they had to close their operations.