Tata Sponge Iron

YEAR                       EVENTS
 1982 - The Company was incorporated on 31st July 1982.  It
 manufactures
        Sponge Iron.  The Company was promoted jointly by the
 Industrial
        Promotion & Investment Corporation of Orissa Ltd. and The
 Tata
        Iron & Steel Co. Ltd. to set up in the joint sector a plant
 for
        the manufacture of sponge iron.
 
      - The company decided to employ the TISCO Direct Reduction
 (TDR)
        process for the manufacture of sponge iron which is 100%
        non-cooking coal based.  TISCO were appointed technical
        consultants for the project.  TISCO were not only to supply
        know-how but were also to provide basic engineering under a
        technical collaboration agreement.
 
      - Under the technical consultancy agreement TISCO would provide
        technical consultancy comprising design/project engineering,
        project management, project implementation, etc., as well as
 the
        technical know-how for the TDR process.
 
      - The Tata Iron & Steel Co. Ltd., indicated their willingness
 to
        purchase the entire output of the company at rulling market
        prices for use at Jamshedpur.  The Company also received many
        enquiries for supplying sponge iron from other foundries,
        electric furnace, steel makers, etc.
 
 1984 - 70 shares subscribed for by the signatories to the Memorandum
 of
        Association.  31,99,970 shares reserved and allotted to
 IPICOL
        and 29,99,960 shares reserved and allotted to TISCO. 
 58,80,000 
        shares offered at par for public subscription during
 June-July.
 
 1986 - The Company became a potentially sick company as more than 50%
 of 
        the peak networth during the year had got eroded.
 
 1987 - The kiln had to be shut down for replacing a part of the
        original refractory lining.  The Company faced multifarious
        problems such as refractory failure, malfunctioning of some
        important equipments etc.  In addition, for want of iron ore,
 the
        plant was shut down for 105 days in the first half of the
 year
        and for 47 days in the second half of the year.
 
      - To overcome the raw material shortage, the company entered
 into
        a conversion arrangement with Tata Steel at a mutually
 agreeable
        conversion rate.
 
      - Tata Steel proposed to install 2 small crushers within the
 plant
        to crush the lump iron ore which was easily available.  The
        Company installed two captive DG sets each of 1000 KVA
 capacity.
 
      - The Company entered into a foreign collaboration agreement
 with
        M/s. Lurgi GmbH for upgradation of annual production capacity
        from 90,000 to 1,20,000 TPA.
 
 1988 - A reference was therefore made to BIFR the hearing of which
 was
        held on 13th September.  As directed by BIFR, necessary
        rehabilitation package was submitted to IDBI, the lead
 financial
        institution, seeking certain reliefs/concessions together with
 a
        loan of Rs 385 lakhs for implementing the lurgi modification
        scheme mentioned below under the caption `Foreign
 Collaboration'.
 
 1989 - Financial institution sanctioned certain reliefs/concessions
 to
        the company.
 
      - The Company received the Industrial licence for increasing
 its
        capacity to 1,20,000 TPA.
 
 1990 - Production declined to 58,676 tonnes due to 109 days plant
 shut
        down for implementation of the modification-cum-upgradation
        scheme followed by two more shut downs for a total period of
 61
        days for overcoming teething troubles.
 
      - The final package containing certain reliefs and concessions 
        sanctioned by BIFR was received by the company and its
        implementation began during the year.
 
 1993 - BIFR vide its order dated 29th October, declared the company
 to
        be out of its purview consequent upon making its net worth
        positive and earning net profit.
  
 1994 - The operations of the company affected primarily because of
        charging off of extra-ordinary items like sales tax, enhanced
        interest to Financial Institution, differential interest to
 TISCO
        etc.
 
      - 34,00,000 No. of equity shares allotted at par on conversion
 of
        loan to financial institution.
 
 1995 - The expansion project for raising the capacity from 1,20,000
 TPA
        to 2,40,000 TPA by installation of an additional kiln was now
        under implementation.
 
 1996 - Profitability decreased due to increase in input cost and hike
 in
        power tariff.
 
      - Effective 24th September, the name of the company was changed
        from `Ipitata Sponge Iron Ltd.' to `Tata Sponge Iron Ltd'.
 
 1997 - After achieving the prestigious ISO-9O02 Certification, the
        Company continued its march towards Total Quality Management.
 
      - The Company has excellent track record in the area of safety
 and
        has bagged first prize for two consecutive years from
 Government
        of Orissa. 
 
      - The Company received first prize in the category Lowest
 Weighted
        Frequency Rate of Accident, and for the year under review, it
        was awarded first prize for The Longest Accident Free Period.
 A
        trophy and certificate have been received for the same.
 
      - The Company undertook community and rural developmental 
        activities, such as provision and maintenance of tube wells
 for
        potable drinking water, construction of school in
 Indraprastha
        village, repairing and adding class rooms in Bilaipada
 schools,
        aiding in cash and kind in organising sports activities.
 
 1998 - The Railway siding was commissioned on 29th March, and the
        Company has since started receiving coal by rail and back
 loading
        sponge iron from the siding.
 
      - During the year the Company secured second position in the
 market
        share of eastern India and has plan to notch-up top position
 in
        the coming years.
 
      - The Company has been actively participating in the promotion
 of
        educational and social welfare activities for the inhabitants
 in
        its surrounding villages. 
 
 1999 - During the year, the company entered new markets and
 despatches
        have been made for the first time to markets in the
 north-east
        from the company's newly constructed railway siding.
 
      - The company has started development work at the Khondbond
 Mines
        of Tata Steel and work is in advanced stages of completion.
 
 2001 - Mr. I.S.P. Shetti has retired as Managing Director and Mr
 Ashok Pandit has been 
             appointed in  his place.
 
 2002-IDBI sold 790647 shares of Tata Sponge Iron
 
 2004-The trading symbol of Tata Sponge Iron Limited shall be changed
 from 'IPITATASPO' to 'TATASPONGE' w.e.f February 11, 2004
 
 -Delist from Ahmedabad Stock Exchange with effect from October 15,
 2004.
 
 -Delist from The Delhi Stock Exchange Association Ltd (DSE) with
 effect from December 11, 2004.
 
 -LIC launches Jeevan Akshay-III
 
 2006
 
 -Tata Sponge Iron Ltd has informed that Mr Satyajit Mitra, a
 non-executive director on the Board of Directors of the company,
 passed away on October 15, 2006.