Sesa Goa
BSE: 500295 | NSE: SESAGOA | ISIN: INE205A01025 | Mining/Minerals
| Company History - Sesa Goa | |
YEAR EVENTS
1965 - With the application of the Companies Act 1956, to Goa, it
was
incorporated under the Act on 25th June, as a Private
Limited
Company under the name Sesa Goa Pvt. Ltd. It was wholly
owned
subsidiary of Istututo per la Recostruzion Industriale,
an
Italian Govt. controlled company.
1978 - 14,000 Bonus shares issued in prop. 2:3.
1979 - In April, another wholly owned subsidiary of Finsider S.P.A.,
Italy was also engaged in the mining and export of iron
ore.
Mingoa Pvt. Ltd., was amalgamated with the company. As
per the
Scheme of Amalgamation, 38,500 No. of equity shares of Rs
500
each were allotted to Finsider S.P.A., Italy without
payment in
cash.
1981 - The Company was converted into a public limited company on
25th
March.
- During November, Finsider S.P.A., Italy offered for sale
out of
its holding in the Company 22,05,000 No. of equity
shares of Rs
10 each at a premium of Rs 2.50 per share in the
following
manner: (i) 1,83,750 shares reserved for firm allotment
to public
financial institutions, (ii) 1,83,750 shares reserved
for firm
allotment to the business associates and employees of
the Company
and (iii) 18,37,500 shares to the public.
1984 - A beneficiation plant with a throughput capacity of 15 lakhs
tonnes was being set up in two stages to improve the
quality and
marketability of the ore.
1986 - The first phase of the beneficiation plant and with a
capacity
of 7.5 lakh tonnes per year, was commissioned in
January.
- The Company decided to enter a new area of activity of
information systems and services in collaboration with
STET, the
financial holding for electronics in the IRI Group.
- 14,70,000 Bonus shares issued in prop. 2:5.
1987 - The ship building division suffered a setback due to labour
problems with subcontractors resulting in delay in the
completion
of some of the vessels.
- The Ship building division proposed to carry out a
programme of
phased investment to upgrade the shipyard's
technological
capability as also to increase its capacity.
- The Company obtained initial registration for the
manufacture of
60,000 tonnes of low phos pig iron at Navelim near
Sanquelim in
Goa.
- The Company obtained the necessary pollution clearance
for the
project and a final technological evaluation of the
project was
undertaken to maximise operational efficiencies in
future.
- A biotech pilot plant was set up in the mines for the
treatment
of tailing waste with micro organisms which feed on the
mangniferous clay.
- Along with indigenous stern gear, particularly the
fishing of
marine propellers, a separator tank capable of
efficiently
recovering iron ore fines from cyclone under-flows was
developed.
- Approval from Govt. was received for technology
agreement for
manufacture of a sophisticated fishing trawler based on
drawings
from a Norwegian Company and Technical collaboration
with
Fincantieri of Italy, member of the IRI group was
entered into
for the technological upgradation of the shipyard.
1988 - Sesa Seat Information Systems Pvt. Ltd., was incorporated in
January, as a subsidiary of the Company. Effective 29th
March,
1993, the Company ceased to be a subsidiary of the
company.
1989 - The Company laid the foundation stone of the project to
manufacture 1,50,000 tonnes per year of low phosphorus
pig iron
at Amona near Sanquelim in Goa.
1990 - On 11th January, the Company issued 6,48,270-12.5% secured
partly
convertible debentures of Rs 110 each. Of these,
6,17,400
debentures were offered to the equity shareholders on
rights
basis in the ratio of 1 debenture: 5 equity shares (all
were
taken up) and 30,870 debentures offered to the employees
of the
Company (all were taken up).
- The convertible portion of Rs 60 per debenture was
converted into
2 equity shares of Rs 10 each, at a premium of Rs 20 per
share on
1st February, 1992.
- The amount of Rs 50 representing the non-convertible
portion will
be redeemed in 3 instalments of Rs 15, Rs 15 and Rs 20
at the
expiry of the 6th, 7th and 8th year respectively from
the date of
allotment.
- With a view to manufacturing indigenous coke, the
Company in
collaboration with Kembla Coal & Coke Pvt. Ltd.,
Australia set
up Sesa Kembla Coke Co. Pvt. Ltd., Kembla Coal & Coke
Pvt. Ltd.,
Australia is to participate to the extent of 40% in the
share
capital of the new venture through its subsidiary Kembla
Goa
holdings Ltd.
1991 - 12,96,540 No. of equity shares allotted (prem. Rs 20 per
share)
in conversion of debs. Another 8,64,360 No. of equity
shares
(prem. Rs 20 per share) allotted to Finalder
international S.A.
Luxembourg to maintain their equity stake in this
company at the
existing level.
1992 - The pig iron plant was commissioned. A new Company in the
name
of Sesa Industries Ltd., was set up for implementing
expansion
and diversification plans in the steel related areas.
- The Sesa Industries Ltd., set up a second pig iron plant
with a
capacity of 90,000 TPA of pig iron. It was proposed to
make a
preferential issue of its equity shares (prem. Rs 12.50
per
share) to the shareholders of Sesa Goa Ltd., in the ratio
of 1:2.
1993 - Two 2500 tonnes barges and ten small steel boats were
delivered
by the shipbuilding division.
- 73,05,900 bonus shares allotted in prop. 1:1. 32,80,220
No. of
equity shares (prem. Rs 50) allotted to Finalder
International
Co. Ltd. to maintain their stake at 51%.
1994 - Second blast furnace was commissioned in the pig iron plant
of
Sesa Industries.
1995 - 17,89,200 rights shares issued (prop. 1:10 prem. Rs 90). Of
these 47,613 shares were kept in abeyance.
1996 - During 7th, November, there was an amalgamation of the 100%
subsidiary, Sesa Shipping Ltd. with Sesa Goa Ltd.
- The Company owns 21 mining concessions. These mining
concessions
were granted to the Company under the Portuguese Law
according to
which they are to run in perpetuity so long as the terms
of the
concessions are complied with.
- Appropriate agreement was been reached whereby shares
of
Australian collaborators were taken over by the company
making
Sesa Kembla Coke Company a 100% subsidiary. Sesa
Industries Ltd.
is a subsidiary of the Company.
- 44,898 shares issued kept in abeyance in the rights
issue.
1997 - The Company installed a plant for the recovery of pellet feed
from the tailings through high intensity magnetic
separating
process at Codli Mines.
- 2,525 shares kept in abeyance issued.
- The company manufacturers 1.8 lac tonnes of pig iron
through a
subsidiary and producers metallurgical coke through a
joint
venture with Kembla Coal and Coke, an Australian company.
- The company, it has become a subsidiary of Mitsui, with
two
Mitsui directors now on the board.
- Sesa Goa Ltd. is learnt to be all set to acquire the
entire
equity holding of its Australian collaborator, Kembla
Goa
Holdings Ltd, Mauritius, in Sesa Kembla Coke Company Ltd
(SKCCL), a subsidiary of Sesa Goa.
- Sesa would also be supplying hot metal to the proposed
Teksid
plant, a subsidiary of Fiat, being set up here.
1998 - Sesa Goa became part of the Mitsui family after the latter
took
over Finsider International of Italy a couple of years
ago.
1999 - The company has acquired Narrain Mines, Karnataka, to shield
itself from any price increase or variation in the
quality of
iron ore.
- Sesa Goa is entered into a technical collaboration with
Vaagen
Verft, Norway, to manufacture fishing transfers.
2000 - The Company has closed down its Engineering Unit at Sirsaim
and its
workshop at Sanquelim with effect from September 19.
- The company has introduced Voluntary Retirement Scheme
during the year
to restructure the organisation.
2002
-Sesa Goa Ltd informs that the Board of Directors of the Company
have accepted the withdrawal of nomination of Dr K S Subramanian as
Director by ICICI Ltd and
Mr K R V Subramanian has been appointed as an Additional Director of
the Company
w e f May 22, 2002.
2003
-The Board of Directors of Sesa Goa Ltd at its meeting held today
(January 29, 2003) has appointed Mr Leonard Anthony Dean, as Managing
Director of the company wef April 01, 2003 in place of C M Brown whose
term expires on March 31, 2003.
-Receives Iron ore supply order from Pakistan Steel Mills for next 5
years.
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| Source : Religare Technova | |
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