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JSW ISPAT Steel
BSE: 500305|NSE: JSWISPAT|ISIN: INE136A01022|SECTOR: Steel - GP/GC Sheets
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Company History - JSW ISPAT Steel
1984 - The Company was incorporated in the name of Mittal Galvazinc
 Ltd., on 23rd May, as a Public Limited Company.  The Company's name
 was
 changed to the present one from 22nd April, 1985.  It was promoted
 by
 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
 manufacture
 35,000 MT per annum galvanized plain/corrugated sheets (UP/GC
 sheets)
 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.,
 Japan,
 sole trade representatives of Nippon Denro.
 
 1985 - 110 shares subscribed for by the signatories to the
 Memorandum
 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
 retain oversubscription.
 
 1986 - The company set up a cold rolling mill with 1,25,000 TPA
 capacity of cold rolling steel sheets at Kalmeshwar, District Nagpur
 in
 
 Maharashtra in technical collaboration with companies like Nippon
 Denro
 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
 of
 several new manufacturers of galvanised sheets.
 
 - 51,37,500 Rights equity shares issued (prem. Rs. 10 per share;
 prop.
 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.
 10
 per share).
 
 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
 taken
 up)
 
 - (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
 up).
 
 - The remaining 8,14,000 debentures along with unsubscribed portion
 of
 65,380 debentures from employees' quota were issued to the public
 (all
 were taken up).  Additional 1,98,000 debentures were allotted to
 retain
 oversubscription.
 
 - 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
 in
 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. 
 15
 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
 placement basis.
 
 1990 - The continuous galvanising line achieved increased
 productivity
 through technological upgradation by installation of sophisticated
 electrical and computerised control equipment.
 
 1991 - The recession in the steel industry, acute shortage of
 imported
 raw materials as a result of foreign exchange crunch, sharp increase
 in
 input costs due to fall in exchange value of rupee for imported raw
 materials etc.
 
 - The company undertook to set up a 1 million TPA sponge iron
 project
 at district Raigad near Mumbai.
 
 - The plant incorporating the latest Direct Reduction technology
 from
 Midrex Corporation, USA, in the largest single module with a
 capacity
 of 1 million TPA capable of operation with 100% indigenous lump ore.
 
 - During February/March, the company offered 90,00,000 - 12.5%
 secured
 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
 of
 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,
 Ltd.
 
 - (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,
 if
 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
 June.
 
 - Rs. 50 (Part-A) of the face value of each debenture was to be
 compulsorily and automatically converted into 2 equity shares of Rs.
 10
 each at a premium of Rs. 15 per share at the end of 9 months from
 the
 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.
 10
 at a premium to be decided by the CCI between 24 to 30 months from
 the
 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
 a
 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
 date
 of allotment at a premium of Rs. 5 per debenture payable at the end
 of
 the 7th year.
 
 - 416,57,142 No. of equity shares allotted (prem. Rs. 15 per share)
 in
 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
 capacity
 of the plant will touch 3,15,000 MT per annum.
 
 - During the year, a letter of intent was obtained for the setting
 up
 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. 
 (CIPCU)
 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
 set
 up a blast furnace to manufacture pig iron/liquid hot metal adjacent
 to
 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.
 was
 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
 at
 Nagpur, the company undertook to set up facilities to manufacture
 hot
 rolled steel sheets and coils with a capacity of 3 million tpa. 
 This
 project would have the flexibility to manufacture HR coils of
 thickness
 ranging from 1.2 mm to 25 mm and width ranging from 900 mm to 1560
 mm.
 
 - A captive power plant together with other complex infrastructure
 facilities and utilities and other ancillary facilities was also to
 be
 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
 2,85,000
 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. 
 80,96,000
 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
 after
 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
 property
 located on Mumbai's posh Pedder Road.
 
 - Ispat Industries, flagship of the M L Mittal-controlled Ispat
 group,
 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
 at
 Dolvi, Maharashtra.
 
 - The company has entered into comprehensive equipment supply
 agreement
 with suppliers like SMS Scloemann Siemag, Germany, Mannesman Demag
 and
 Siemens.
 
 - The company will offer 7,99,28,776 convertible debentures of Rs.
 100
 each for a cat at par, aggregating Rs. 799,28,77,600, on a rights
 basis
 to its shareholders one convertible debenture for every two equity
 shares held.
 
 - The company issued a 3 per cent Euro-convertible bond in March
 1994,
 totalling 2.20 million.
 
 - The name of the company was changed to Ispat Finance Ltd from
 Shrest
 Industries Ltd as a consequence of the amalgamation of three
 subsidiary
 companies on August 1, 1994.  The three companies that were
 amalgamated
 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
 set
 to enter the hot-rolled (HR) coil market during the current
 financial
 year.
 
 - 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
 to
 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
 above-mentioned companies.
 
 - Ispat Industries Ltd, the flagship company of the M L Mittal
 group,
 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
 Group,
 has suspended its contract with Swedish multinational Asea Brown
 Boveri
 (ABB) for the construction of the Rs. 1,470, crore captive power
 plant
 at Dolvi in Maharashtra.
 
 2002-Youngest son Vinod now becomes the managing director of Ispat
 Industries, the group flagship, a position which Pramod held
 earlier.
 
 -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.
 
 2003
 
 -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
 the company.
 
 -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
 customers.
 
 -Mr. V Prakash has been nominated as a Director in place of Mr S
 Kishore
 
 -The shareholders have approved to  delist it's equity shares from
 Delhi & Ahmedabad Stock Exchanges.
 
 2004
 
 -Ispat-acquires NSC's rolling mill sets out before time frame
 
 2005
 
 -Ispat acquires Kremikovtzi of Bulgaria
 
 2006
 
 -GSHL appoints Lalit Kumar Sehgal as CEO of Zisco
 
 2007
 
 -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.
 
 2008
 
 - Ispat Industries Ltd has appointed Dr. Basudeb Sen and Mr. Satya
 Pal Talwar as Additional Directors under section 260 of the Companies
 Act, 1956.
 
 2009
 
 - 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.
 
 2010
 
 - 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.
 
 2011
 
 - The name of the Company stands changed from Ispat Industries
 Limited to JSW ISPAT Steel Limited.
 
 -Registered Office of the Company has been shifted From Park Plaza,
 71, Park Street, Kolkata - 700 016 To Tower A, 3rd Floor, DLF IT
 Park, 08 Major Arterial Road, Block AF, New Town, Kolkata 700156
 
 2012
 
 - 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
 Manager.
 
 --Registered Office of the Company has been shifted from Casablanca,
 Sector 11, Plot No.45, CBD Belapur, Navi Mumbai - 400614 to Victoria
 House, 2nd Floor, Pandhurang Budhkar Marg, Lower Parel, Mumbai -
 400013
Source : Dion Global Solutions Limited
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