Company History - Mukand
1937 - Mukund Ltd. was incorporated on 29th November, at Mumbai.
The company is engaged in general engineering work and
manufactures iron & steel products, steel castings,
structurals, EOT and other cranes, and various types of
- The steel melt shop established continuous sequence
flying tundish practices and introduced a special
- The vendors' business was taken over as a going concern
from 21st October. The business of Hindustan Iron and
Products, Ltd. was also taken over by the Company from
- 59,000 No. of Equity shares and 5,900 Defd. shares
1944 - 68,750 Right Equity shares issued in the prop. 1:2.
1946 - 10,000 Right Pref. shares in propn. 1:20.
1958 - 2,04,725 Right Equity shares in propn. 1:1.
1960 - 4,09,450 Right Equity shares in propn. 1:1.
1963-67 - 1,00,000 Right Equity shares propn. 1:8, 9,18,900 Right
shares in propn. 1:1.
1970 - 2,44,601 Bonus Equity shares issued in March 1970, in the
1972 - 2,691,075 Bonus shares issued in the propn. 1:1.
1976 - 26,91,187 Bonus Equity shares issued in the propn. 1:2 in
1979 - Mukand Holdings Pvt. Ltd. was incorporated on 23rd June, as
investment Company. It became a wholly owned subsidiary
Company and also a public limited Company with effect
June. As at 31.3.1993, the Company held all the
1,24,950 No. of
equity shares of Rs 100 each issued by this subsidiary.
1983 - Ladle refining furnace and the vacuum degassing station were
- 17,50,000 No. of Equity shares issued at a premium of Rs
share in conversion of 13.5% debentures.
1984 - The 10.5 metre radius bloom caster, the largest in India, was
commissioned in October.
- The Company formed a research and development division
from 1st January.
- As on 30th June, the Company revalued its land, roads
1985 - The Company's application for collaboration with Advanced
Materials Corporation, U.S.A., was approved by
- The Company as on 30th June, revalued its plant and
the resulting increase of Rs 27,48,78,249 was credited
- The Company was formed to acquire the business being
under the name and style of Mukand Iron Works, Mukand
Rolling Mills and Mukand Steel Foundry since 1920.
1986 - Basic engineering package was received from BBC Brown Boveri,
Switzerland and the whole project was implemented during
- The R&D introduced super steel - 60 bars. The controlled
layer (CSL) process developed for colouring stainless
steel components for decorative purposes was fully
1987 - The Modernisation programme included top and bottom blown
converter and additional roughing stand for the bar
converter was the first of its kind to be used for bulk
production of stainless steel.
- The Company installed tools like scanning electron
automatic computer controlled polishing machines. The
designed and installed a pilot plant for production of
quantities of coloured stainless steel components.
1988 - The oxygen top and bottom blown converter was installed. The
dust collection system was also installed and
- 49,11,781 Bonus shares issued in the propn. 1:2.
1989 - Effective from 23rd March, the company's name was changed
Mukand Iron & Steel Works Ltd. to Mukand Ltd.. This was
to reflect this company's corporate identity in view of
- The Company supplied the bulk of the equipment for
merchant and structural mill to Rashtriya Ispat Nagam
- The Company developed both Railway and Non-Railway
side frames, bolsters, speciality couplers and track
pads for the
USSR and wear - resistant castings for the American and
- An electro-magnetic stirrer and an auto mould level
had been installed in the bloom caster to provide for
internal structure of the blooms. The Company also
automatic pendulum type shot blasting machine, a
supply system, pollution control equipment etc.
- Mukand Dravo Wellman Pvt. Ltd. became a subsidiary of
Company. As at 31.3.1993, the Company held 7,20,000 No.
equity shares of Rs 10/- each in the subsidiary.
- Effective from 23rd March, the Company's name was
Mukand Iron & Steel Works, Ltd. to Mukand Ltd. This was
to reflect the Company's Corporate identity in view of
1990 - Production and sales of steel and alloy castings were lower
mainly due to a short fall in the sales/exports to USSR
of additional orders for bogies and couplers from
- The major jobs undertaken during the year consists of
cranes ranging in capacity from 140 tonnes to 200 tonnes
ore handling equipment.
- A bell furnace was installed to spheroidise annealing of
rods for ball bearing and other applications.
- Mukand Soviet Engineering Ltd. a joint venture with two
Soviet Organizations - Gipromez and Tyazhpromexport,
subsidiary of the Company. As at 31.3.1993, the Company
equity shares of Rs 10 each in the subsidiary.
1991 - The Machine Building Division manufactured and supplied
tonnes of major machanical equipment apart from
completing the order for supply of equipment for the
Merchant and Structural mill to Visakhapatnam steel
addition, the unit also manufactured equipment for
plants and vacuum degassing equipment for mini steel
portal type scrapper reclaimer for exports.
- During the year, orders were received from SAIL for
Oxygen furnace equipment for its Rourkela steel plant
- Exports increased due to better quality of products,
of new products, break through in new markets like Latin
countries and countries of Northern Europe. Some of the
items introduced for exports were carbon steel fasteners
from steel manufactured by the Company.
- Casting facilities in the steel plant were being
the Company proposed to add ladle refining, vacuum
- Some of the additions made were hot briquetted iron
systems on the melting furnace, finishing facilities
spheroidised annealing furnaces, heat treatment furnaces
- The R&D activities were carried out in heat treatment
development of import substitution steel viz., ball
heading quality steel. Also, further studies were
carried out in
on surface finish, machinability and crack formation in
steel, free cutting steel and special steel.
1992 - The Machine Building division received preliminary acceptance
certificate for successful commissioning of 11,000 TPA
equipment for medium merchant and structural mill
Visakhapatnam steel plant.
- The Company also supplied and commissioned equipment of
iron plant for Bellary Steel and Alloys Ltd. & Raipur
- The machine building division undertook a major
for augmenting the machining facilities and increasing
area for fabrication and assembly activities.
- The Company had set up Engineering Construction
undertake such services as feasibility surveys,
engineering and contracts in the engineering, chemical
metallurgical industries for site fabrication,
installation, piping, etc. as well as turnkey jobs.
- Becom Engineering Co. Ltd., merged with the Company on
October and became a division of the Company.
- The Becom Engineering Division developed new models of
lathe, plano miller, high spindle torque lathe, oil
and deep hole drilling machines.
- Wire rod mill unit No. 2 was commissioned and with
Company hoped to produce wire rods of new and stringent
special steel and improve the quality of the present
cater to the needs of the discerning and demanding
- During September-October, the Company offered 36,94,744
equity shares of Rs 10 each at a premium of Rs 90 per
Rights basis in the proportion 1:4 (all were taken
- Another 1,84,737 No. of equity shares of Rs 10 each at
of Rs 90 per share were also offered to employees' on
equitable basis. (all were taken up).
- Simultaneous to the above Rights Issue, the Company
36,94,744-16% secured redeemable Non-convertible
debentures of Rs
325 each with detachable equity warrants on Rights
basis in the
proportion 1 debenture: 4 equity shares held.
- Another 1,84,737-16% secured Non-convertible debentures
of Rs 325
each with detachable equity warrants were offered to
an equitable basis. (only 1,82,179 debs. taken up).
- The detachable warrants, to be separately listed on the
Exchange, enable the holder to apply for 1 equity share
of Rs 10
each for cash at a price not exceeding Rs 100, within
from the date of allotment of debentures. These
to be redeemed in five equal annual instalments
beginning at the
end of 5th year from the date of allotment of
1993 - The Company transferred the business of Engineering
Division to Mukand Engineers Ltd. in order to
concentrate on the
- As on 1st March, the Company allotted 23,759 No. of
of Rs 10 each in the proportion 1 equity: 35 shares held
and 1 equity: 6 Pref. held in Beco. The Company sold
of Batala Unit of erstwhile Beco Engineering Co. Ltd.
1994 - The Company proposed to transfer machine building division to
newly formed company named Mukand Industrial Machinery
- The Company installed an electro-magnetic stirrer and
level control equipment in order to get better quality
- The company installed the new technology of chemically
sand system and suitable processing facilities to step
output of bright bars and steels.
- 33,70,500 Shares (Prem. Rs 315 per share) allotted to
and Corporate Bodies on private placement basis.
shares (Prem. Rs 90 per share) to equity warrant
1995 - The Steel Foundry division undertook to enlarge the share of
high value alloy and stainless steel castings in the
- The Rolling Mill division set up and commisioned
annealing furnaces and related downstream facilities
finishing. It was proposed to install facilities for
of cold heading quality steels with a view to providing
services to the fastener industry and meet
- Import substitution products were developed during the
fastener manufacturers and fine wire drawing units.
- The Company received approvals to commence construction
area of about 2 lakh sq. ft. The company proposed to
a hotel site therein.
- The Company achieved break through in new markets like
South Africa and South East Asian Countries. The
developed casting for customer in Europe & the USA.
- The Company has signed agreements with five ministeel
providing technical know-how for electric steel
some of these the Company is also rendering service for
supervision of construction, erection and commissioning
- With the continuous steep increase in cost of scrap and
electricity, production of steel through electric
was being uncompetitive vis-a-vis main producers.
- The Company proposed to have a alliance with Kalyani
Industries Ltd. which is setting up a mini blast furnace
Hospet, Karnataka. Under the term of the alliance, the
would install facilities for converting hot metal into
- The Company would buy hot metal from Kalyani and convert
steel billets & blooms and sell a part of output to
- Necessary permission were received from Govt. of
Karnataka to set
up a steel plant with a capacity of 1.25 million tonnes
steel plant was to be set up by a new Company of which
to be a major promoter.
- The Company was promoted through joint venture to
stainless steel billets and flats at Jodhpur.
- The Company received for an industrial license for
expansion of its steel making capacity from 1,35,000
2,70,000 tonnes per annum.
- Mukand Industrial Machinery Ltd. became a wholly owned
of the Company with effect from 31st March.
- 2,259,250 No. of Equity shares allotted on exercised
1996 - Trip hummer testing fascility designed in-house was
- The Company intensified its multipronged efforts for
reduction by improving yields and by securing reduction
alternate raw materials.
- The Company entered into technical know-how agreement
leading Japanese consultancy firm which would study the
operations and would implement know-how including
personnel by the Japanese.
- Two short-time cycle furnaces imported from USA were
for heat treatment of wire rods.
- The Company installed the largest bloom caster in the
cast blooms upto the size 250 mm square. The Company
undertook rehabilitation and modernisation of the bar
- The Company signed a MOU with Mitsui Engineering
for co-operation in Indian for manufacture of cranes
- A surface wheel lathe for Indian Railways, a hevy duty
turning CNC lathe with an admit of 6 inches between
centre and a
heavy duty CNC roll turning lathe of 20 tonnes were
1997 - As at 31st March, a sum of Rs 8250 lakhs was outstanding
term loans from financial institutions.
1998 - The International Aluminium Products Ltd. was to have a
of 50,000 tonnes of rolled products p.a. and was likely
commissioned in early of the year.
- The joint venture company was floated by Mitsui Babcock
India Private Ltd, a subsidiary of the Britain-based
engineering company Mitsui Babcock Energy Ltd, and
an Indian engineering company.
- The company has signed a memorandum of understanding
to supply boilers to Hinduja National Power promoted
project. The company is also talking to National
Corporation to supply boilers to its Talcher project.
- Crisil has downgraded the non-convertible debenture
Mukand from A+ to BBI+.
- Mukund Limited, a part of Bajaj Group, manufactures 23
600 types of castings including carbon steel, manganese
1999 - Mukand Ltd, the alloy steel major, has given itself a six
deadline to bring down rejection levels by over 50 per
its manufacturing facilities at Kalwe district in
and Hospet (in Karnataka).
- To improve the quality of its steel grades, Mukand has
a new technique to strike an effective co-relation
contaminants in steel making and the metallurgical
- Mukand, which is a pioneer in steel making and
developed a series of innovative technological processes
with the current slump in the industry.
- Mukand Ltd is one of the largest stainless and alloy
manufacturers in the country.
- Mukand Ltd, a leading steel making and engineering
as a part of the company's overall corporate strategy,
a series of innovative technological processes to cope
current slump in the industry.
- In a bid to beat the current slump in the steel industry,
Ltd has developed a series of technological processes to
production costs, eliminate defects and customise its
suit the needs of customers.
2000 - Mukand Ltd., leading private ISP Satyam Infoway and
Calcutta-based M K J Enterprises have entered into a
venture agreement to launch a new company for an
global portal or web marketplace for steel trading.
- The Company has decided to close down its foundry unit at
- Rahul Bajaj has been appointed as the new Chairman of
- Alloy Steel maker Mukand has introduced a Voluntary
at its Kalwe plant in Maharashtra
-Enters the capital market with a rights issue of shares in the ratio
of nine shares for every four shares held to raise Rs 50.64 crore. The
offer price is Rs 10 per share
-Jamnalal Sons Pvt. Ltd. have acquired 205,35,981 equity shares
representing 28.076% of the total paid up capital of Mukand Ltd
-Mukand Ltd has appointed Shri. K M Jayarao as the Nominee Director
of ICICI Bank Ltd on the Board of the Company in place of Smt.
Vishakha Mulye with effect from May 10, 2007.
-Kalpataru emerges as highest bidder for Mukand's Kurla foundry.
-Mukand Ltd has earmarked an investment of Rs 120 crore to increase
alloy steel capacity by 40 per cent and stainless steel by nearly 80
per cent within a couple of years.
-Shri. K. J. Mallya, a qualified Company Secretary has been appointed
as Company Secretary of the Company.
-The Board of Directors has recommended payment of dividend
(including arrears) @ 0.01% on the Preference capital of the
-Shri K.M. Jayarao has been appointed as the Nominee Director of
ICICI Bank Ltd. on the Board of the Company.
-Joint Venture Agreement with Vini Iron & Steel Udyog Ltd for captive
mining of coal block in the State of Jharkhand as per the letter for
allocation of coal block issued by Government of India, Ministry of
-Shri Amit Yadav has been appointed as the Director of the Company.
-Mukand Bekaert Wire Industries Pvt. Ltd. was formed as a 50:50 Joint
Venture of Mukand Ltd. and NV Bekaert SA.
-Formation of Joint Venture with Sumitomo Corporation, Japan & sale
of Cold Finished Bars & Wires Business to subsidiary, Technosys Metal
-Mukand has announced Rights in the Ratio of 1:1.