1984 - The Company was incorporated in the name of Mittal Galvazinc
Ltd., on 23rd May, as a Public Limited Company. The Company's name
changed to the present one from 22nd April, 1985. It was promoted
M.C. Mittal along with his relatives and associates.
- The main objective of the company is to manufacture all types of
Galvanized Plain/corrugated Steel Sheets/Strips/Coils.
- The company had set up a plant at Kalmeshwar, Nagpur to
35,000 MT per annum galvanized plain/corrugated sheets (UP/GC
of twin guages (0.5 mm and lesser) adopting Dry Flux Process,
introduced for the first time in India.
- The Company entered into technical collaboration agreement with
Nippon-Denro Manufacturing Ltd., Japan and Hivahara & Co. Ltd.,
sole trade representatives of Nippon Denro.
1985 - 110 shares subscribed for by the signatories to the
of Association. 46,49,890 No. of equity shares issued at par out of
which the following shares were reserved and allotted:
- (i) 18,99,980 shares to promoters, directors, etc.
- (ii) 6,00,000 shares to non-resident Indian promoters and their
associates on repatriation basis.
- (iii) 2,00,000 shares to SICOM.
- The balance 19,00,000 shares were offered for public subscription
during August. 4,87,500 additional shares allotted to the public to
1986 - The company set up a cold rolling mill with 1,25,000 TPA
capacity of cold rolling steel sheets at Kalmeshwar, District Nagpur
Maharashtra in technical collaboration with companies like Nippon
and Hitachi Ltd., of Japan.
1987 - The margins on galvanised sheets were under pressure due to
unprecedented increase in the international prices of cold rolled
coils, the primary raw material for galvanised sheets, and the entry
several new manufacturers of galvanised sheets.
- 51,37,500 Rights equity shares issued (prem. Rs. 10 per share;
1:1). Another 9,750 shares allotted to employees (prem. Rs. 10 per
share). Also 13,47,000 shares allotted to NRI promoters (prem. Rs.
1988 - The company offered 2,00,000-14% secured fully convertible
debentures of Rs. 250 each on Rights basis in the proportion 1
debentures : 50 equity shares held (all were taken up).
- Simultaneous to the above Rights issue, the company issued
11,20,000-14% secured fully convertible debentures of Rs. 250 each
through a prospectus of which the following debentures were reserved
for allotment on a preferential basis:
- (i) 1,20,000 debentures to NRIs on repatriation basis (all were
- (ii) 1,20,000 debentures to UTI (all were taken up) and
- (iii) 66,000 debentures to employees (including Indian working
directors)/workers of the company (only 620 debentures were taken
- The remaining 8,14,000 debentures along with unsubscribed portion
65,380 debentures from employees' quota were issued to the public
were taken up). Additional 1,98,000 debentures were allotted to
- Rs. 125 of the face value of each debenture was converted into 5
equity shares of Rs. 10 each at a premium of Rs. 15 per share on
25.7.1989. Accordingly 75,90,000 No. of equity shares were allotted
part conversion of debentures.
- The remaining Rs. 125 of the face value of each debenture was
converted into 5 equity shares of Rs. 10 each at a premium of Rs.
per share on 25.7.1990.
1989 - The company issued 30,00,000 - 14% secured non-convertible
debentures of Rs. 100 each to financial institutions on private
1990 - The continuous galvanising line achieved increased
through technological upgradation by installation of sophisticated
electrical and computerised control equipment.
1991 - The recession in the steel industry, acute shortage of
raw materials as a result of foreign exchange crunch, sharp increase
input costs due to fall in exchange value of rupee for imported raw
- The company undertook to set up a 1 million TPA sponge iron
at district Raigad near Mumbai.
- The plant incorporating the latest Direct Reduction technology
Midrex Corporation, USA, in the largest single module with a
of 1 million TPA capable of operation with 100% indigenous lump ore.
- During February/March, the company offered 90,00,000 - 12.5%
fully convertible debentures of Rs. 140 each on Rights basis in the
proportion 25 debentures : 100 equity shares held.
- Simultaneous to the Rights issue, the company issued through the
prospectus 102,85,714 - 12.5% secured fully convertible debentures
Rs. 140 each of which the following debentures were reserved for
allotment on a preferential basis:
- (i) 25,00,000 debentures to Ispat Alloys, Ltd. and Ispat Profiles,
- (ii) 9,21,429 debentures to NRIs on repatriation basis;
- (iii) 7,50,000 debentures to financial institutions, insurance
companies, banks and mutual funds; and
- (iv) 9,64,285 debentures to employees (including Indian working
directors)/workers of the company.
- The balance 51,50,000 debentures along with unsubscribed portion,
any, from the preferential quota were offered to the public during
February. Under the above issues, the company allotted 118,28,571
debentures as on 26th April, and 90,00,000 debentures as on 5th
- Rs. 50 (Part-A) of the face value of each debenture was to be
compulsorily and automatically converted into 2 equity shares of Rs.
each at a premium of Rs. 15 per share at the end of 9 months from
date of allotment of debentures.
- Rs. 90 (Part-B) of the face value of each debenture was to be
converted into such number of equity shares of the face value of Rs.
at a premium to be decided by the CCI between 24 to 30 months from
date of allotment of debentures.
- The company also issued through the prospectus during February,
80,00,000 - 14% secured redeemable non-convertible debentures of Rs.
100 each of which 27,00,000 debentures were reserved for allotment on
preferential basis to financial institutions, insurance companies,
banks and mutual funds. The remaining 53,00,000 debentures were
offered to the public.
- These debentures were to be redeemed at a premium of Rs. 5 per
debenture at the end of 5th, 6th, 7th, 8th and 9th years from the
of allotment at a premium of Rs. 5 per debenture payable at the end
the 7th year.
- 416,57,142 No. of equity shares allotted (prem. Rs. 15 per share)
part conversion of debentures.
1993 - In the second phase of expansion programme, a Skin Pass Mill
will be installed, with the commencement of its operation the
of the plant will touch 3,15,000 MT per annum.
- During the year, a letter of intent was obtained for the setting
of a plant for the manufacture of 50,000 TPA of PVC coated steel
sheets. The said project set up in collaboration with Nippon Denro
Mfg. Co. Ltd.
- 68,92,300 No. of equity shares allotted at a premium of Rs. 15 per
share to IFC. 1,08,000 shares allotted on conversion of loans to
financial institutions. 749,82,855 No. of equity shares allotted on
conversion of A & B parts of 12.5% debentures.
1994 - 13,10,950 No. of equity shares underlying GDRs allotted.
80,96,000 shares allotted at par on conversion of loans.
1995 - The company received a Letter of Intent for providing basic
telecommunications services by the departmental of communication for
Maharashtra circle. For iron ore mining a new joint venture company
viz., Bailadilla Mineral Development Co. Ltd.
- The company was promoted central Indian Power Company Ltd.
jointly with GEC Plc of UK & EDF of France for setting up of 1092 mw
thermal power project at Bhadavali near Nagpur.
- Ispat Metallics India Ltd., promoted by the company undertook to
up a blast furnace to manufacture pig iron/liquid hot metal adjacent
the company's hot strip mill complex.
- The company also undertook to set up a sponge iron plant at South
Hidd Industrial area in Bahrain. A new company Bahrain Ispat Ltd.
incorporated to set up a 1.2 million tonnes sponge iron plant.
1996 - As a forward integration to the existing sponge iron plant at
Dolvi and backward integration to the existing cold rolling complex
Nagpur, the company undertook to set up facilities to manufacture
rolled steel sheets and coils with a capacity of 3 million tpa.
project would have the flexibility to manufacture HR coils of
ranging from 1.2 mm to 25 mm and width ranging from 900 mm to 1560
- A captive power plant together with other complex infrastructure
facilities and utilities and other ancillary facilities was also to
set up. The company envisages manufacture of HR coils based on the
twin shell ultra-high power electric arc.
- In addition during the year, the Company installed a second
continuous galvanising line with a capacity of 50,000 tpa.
- In the second phase of expansion programmed of the cold rolling
plant, a skin pass mill was installed raising the capacity to
TPA. With a view to offering value added products the Company
undertook to instal a second continuous galvanising line with a
capacity of 70,000 TPA.
- 13,10,950 No. of equity shares underlying GDRs allotted.
shares allotted at par on conversion of loans.
1997 - `Ispat Industries' 1 - million tpa sponge iron unit at Raigad
(Maharashtra) is the second largest gas based unit in the country
Essar Steel's went on stream two years ago in October, 1994.
- Ispat Industries Ltd is developing a state-of-the-art, 26-floor
`intelligent' building in perhaps the last undeveloped prime
located on Mumbai's posh Pedder Road.
- Ispat Industries, flagship of the M L Mittal-controlled Ispat
has entered into an agreement with KFW (Kreditanstalt Fur
Wiederaufbau), Germany, and International Finance Corporation (IFC),
Washington, for Rs.1,198 crore fund infusion as part of the foreign
currency requirement for its Rs.4,792 crore integrated steel project
- The company has entered into comprehensive equipment supply
with suppliers like SMS Scloemann Siemag, Germany, Mannesman Demag
- The company will offer 7,99,28,776 convertible debentures of Rs.
each for a cat at par, aggregating Rs. 799,28,77,600, on a rights
to its shareholders one convertible debenture for every two equity
- The company issued a 3 per cent Euro-convertible bond in March
totalling 2.20 million.
- The name of the company was changed to Ispat Finance Ltd from
Industries Ltd as a consequence of the amalgamation of three
companies on August 1, 1994. The three companies that were
were Ispat Finance Ltd, Ispat Computers Private Ltd and Sangam
Commercial Private Limited.
1998 - Ispat Industries Ltd (IIL), a member of the Ispat group, is
to enter the hot-rolled (HR) coil market during the current
- Ispat Industries has, as of June 1998, received the largest
assistance among the domestic companies from International Finance
Corporation, the private sector arm of World Bank.
- The government of India has awarded the company a 15-year licence
build and operate a telecommunications network in the Maharashtra
Circle, including Mumbai and the state of Goa.
1999 - The memorandum of understanding was signed between Ispat, the
world's seventh largest steel producer and Europe-based Usinor, the
world's second largest steel producer, for acquisition of the
- Ispat Industries Ltd, the flagship company of the M L Mittal
has entered into an agreement with the Maharashtra State Electricity
Board (MSEB) for settlement of its outstanding power dues.
- Ispat Industries Ltd, flagship of the Mittals-promoted Ispat
has suspended its contract with Swedish multinational Asea Brown
(ABB) for the construction of the Rs. 1,470, crore captive power
at Dolvi in Maharashtra.
2002-Youngest son Vinod now becomes the managing director of Ispat
Industries, the group flagship, a position which Pramod held
-Ispat Industries Ltd has informed BSE that Mr H B Lee has resigned
from the Directorship of the Company w e f August 01, 2002.
-Ispat Industries Ltd. informs that ICICI bank Limited is withdrawing
its nomination of
Mr.S K Maheshka and has nominated Mr.S Kishore as its nominee
Director on the board
of the company.
-Ispat Industries Board inducts M/s S R Botliboi & Co as auditors of
-Mr.Sanjeev Ghai is nominated as the Director on the Board of the
company in place
of Mr.R K M Prasad.
-Ispat Industries receives two contracts from Iraq directly from the
-Mr. V Prakash has been nominated as a Director in place of Mr S
-The shareholders have approved to delist it's equity shares from
Delhi & Ahmedabad Stock Exchanges.
-Ispat-acquires NSC's rolling mill sets out before time frame
-Ispat acquires Kremikovtzi of Bulgaria
-GSHL appoints Lalit Kumar Sehgal as CEO of Zisco
-Ispat Industries Ltd has entered into a Memorandum of Understanding
(MOU) on January 10, 2007 with Government of Chhattisgarh for
setting-up a coal-based 600 MW power project.
- Ispat Industries Ltd has appointed Dr. Basudeb Sen and Mr. Satya
Pal Talwar as Additional Directors under section 260 of the Companies
- The Company's Registrar and Transfer Agents, M/s. Intime Spectrum
Registry Ltd., have intimated the Company that their name has been
changed to LINK INTIME INDIA PVT LTD.
- Ispat Industries enter into solar energy.
- Ispat Industries Ltd has informed BSE regarding a Press Release
dated September 16, 2010 titled Ispat signs a strategic co-operation
agreement with Stemcor of the UK.
- Ispat-Strategic Alliance with JSW.
- The name of the Company stands changed from Ispat Industries
Limited to JSW ISPAT Steel Limited.
- JSW ISPAT - Merger Catapults JSW Steel.
- JSW ISPAT Steel Ltd has informed BSE regarding a Press Release
dated September 01, 2012 titled Merger Catapults JSW Steel to Top
Leaque in Indian Steel Sector.
- The Company has appointed Mr. Krishnendu Banerjee, as Chief General