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Orissa Sponge Iron Ltd.

BSE: 504864 | NSE: | Series: NA | ISIN: INE228D01013 | SECTOR: Steel - Sponge Iron

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Sep 12, 16:00
219.40 0.00 (0.00%)
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    219.40

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Orissa Sponge Iron is not traded on BSE in the last 30 days

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Orissa Sponge Iron is not listed on NSE
Company History - Orissa Sponge Iron
YEAR                       EVENTS
 1979 - The Company was incorporated as a Public Limited Company on
 9th
        April, 1979.  The Company was promoted in the joint sector by
 the
        Industrial Promotion & Investment Corporation of Orissa Ltd.
        and Torsteel Research Foundation India (TRFI).
 
      - The main objective of the company is to manufacture sponge
 iron.
 
      - The Company entered into four separate agreements with
        Allis-Chalmers Corporation, U.S.A. relating to (i) supply of
        certain equipment including, process equipment (which pertains
 to
        the main plant) and materials, (ii) rendering of technical
        services outside India including supply of certain specified
        documents, drawings, information and data (iii) rendering of
        advisory and other services in India pertaining to erection,
        installation, start-up and operations of the Company's plant
 and
        (iv) grant of patent rights to the Company.
 
      - Sponge iron is produced by removing most of the oxygen in the
        iron ore, without resorting to melting.  Sponge iron will be
        produced both in lumps and briquettes.  It can be used in 
        electrical furnace together with scrap for making steel and
 in
        industrial furnace together with pig iron to make ductile
 iron
        and other high quality castings.
 
 1980 - 70 shares subscribed for by the signatories to the Memorandum
 of
        Association; 12,00,000 shares taken up by Torsteel Research
        Foundation in India (TRF); 18,59,930 shares allotted to
        industrial Promotion & Investment Corporation of Orissa, Ltd.
        (IPICOL) and 6,00,000 shares issued to Allis-Chalmers
        Corporation, U.S.A., 23,40,000 shares offered at par for
 public
        subscription during November 1980.
 
 1985 - The Company revalued its factory building and plant and
 machinery
        as on 31st March.
 
      - A number of TRFI licensees joined hand with TRFI for setting
 up
        the Company's project.  They are Mukand Iron & Steel Works,
 Ltd.,
        Usha Alloys & Steels, Ltd., Rathi Alloys Steels, Pvt. Ltd.,
        Mahindra Ugine Steel Co., Ltd., Shri Ishar Alloy Steels, Pvt.
        Ltd., Rathi Ispat, Ltd., Surendra Industries (Mumbai), Pvt.
 Ltd.,
        Bhoruka Steel, Ltd., Bhagwan Industries, Ltd., Star Steel
 Pvt.
        Ltd., Western Rolling Mills Pvt. Ltd., Agarwal Hardware Works
        Pvt. Ltd., Orient Steel & Industries, Ltd.
 
 1991 - During the year, an order was received to assist Sunflag Iron
 &
        Steel, Ltd. for improving their process technology to achieve
        lesser carbon consumption, lesser off grade production and
 lesser
        kiln accretion.
 
      - The Company proposed to associate with a joint effort with
 the
        State Government, Central Govt., TRFI and others to promote a
        venture for processing fruits and vegetables grown around the
        plant site areas and districts, primarily for export
 purposes.
 
      - The Company also associated in assisting the promotion of a
 large
        pig iron unit in Orissa from where it hoped to get sufficient
 hot
        meal to blend with its own sponge to make billets.
 
 1994 - Production of sponge iron was restricted to 93,707 tonnes due
 to
        unforeseen breakdown of the thrust roller supporting the kiln
 in
        January, 1995 leading to loss of production for about 3
 weeks.
 
      - The Company's 65,000 TPA steel billet project was implemented
 and
        commercial production commenced from 15th March, 1995.
 
      - The Company undertook to install an additional kiln with a
        capacity of 1,50,000 tpa of sponge iron taking the total to
        2,50,000 tpa.  This would be taken up along with commissioning
 of
        the BANSPANI-DAITARI rail link expected by 2002.
 
      - The Company undertok to set up a 100% EOU for manufacture of
        tomato paste, mango concentrate, papaya concentrate and guava
        pulp in association with Orissa Agro Industries Corporation
 Ltd.
 
      - The Company undertook to set up a one million tonne capacity
 iron
        & steel project in association with State Government.
 
      - 12,37,958 No. of Equity shares allotted as conversion of loans
 to
        promoters at a premium of Rs 5 per share.
 
 1995 - The Company proposed its second phase of expansion for setting
 up
        9 MW power plant using waste heat of the kiln.
 
      - The Company undertook to set up a separate company together
 with
        an international company for manufacture of steel billets at
        Patna, Bamra, district Sambalpur, Orissa through sponge iron
        waste heat and waste coal power - electric furnace and
 continuous
        caster route.  The project envisages setting up a project to
        manufacture light sections in a rolling mill complex with an
        installed capacity of 3,00,000 tpa.
 
      - 36,18,979 Rights equity shares issued (Prop. 1:2; prem. Rs
 10). 
        Of these 35,975 shares kept in abeyance.
 
 1996 - The sponge iron plant suffered an accident due to failure of
 an
        imported thrust roller, leading to plant closure for 20 days.
 
 1997 - The Company also intends to install an additional kiln with a
        capacity of 150.000 tonnes of Sponge Iron Production per year
        taking the total capacity to 2,50,000 tonnes per year.
 
      - The Company intends to promote a separate Company in
 association
        with a reputed international Company to set up an Iron and
 Steel
        Complex at Bamra in stages in the district of Sambalpur,
 Orissa. 
 
      - The proposal envisages setting up a project for manufacture
 of
        light sections in a rolling mill complex with an installed
        capacity of 300000 tonnes per annum.
 
 1998 - Bilati (Orissa) Limited, a fruit and vegetable processing
 Export 
        Oriented Unit promoted by the Company has been successfully
        commissioned.
 
      - Company intends to set up a 10 MW power generating unit using
        waste heat from the reactor for captive consumption of the
 sponge
        iron and billet units.
 
 1999 - The Company had approached Grid Corporation of Orissa Ltd. to
        allow the Company to avail power during off-peak hour at a
        concessional rate which is receiving their consideration.
 
 2006
 
 -Company has changed its name from Orissa Sponge Iron Ltd. to Orissa
 Sponge Iron And Steel Ltd.                                          
                                                    
 2007
 
 -Orissa Sponge Iron & Steel Ltd has appointed Mr. Munir Mohanty as an
 Additional Director of the Company.
 
 2009
 
 - Orissa Sponge Iron & Steel Ltd has informed that the Board of
 Directors of the Company at its meeting held on July 30, 2009, have
 appointed Mr. Hemant Sharma, IAS as Chairman cum Director of the
 Company as a nominee of Industrial Promotion and Investment
 Corporation of Orissa Ltd (IPICOL) in place of Mr. A K K Meena, IAS.
 
 2010
 
 - Orissa Sponge Iron & Steel Ltd has appointed Mr. B. K. Sarkar as an
 Additional Director with immediate effect.

He will be an Independent Director on the Board. 2011 -Mr. S. N. Nayak has been appointed as Director of the company 2012 -Mr. P C Mohanty has been appointed as General Manager (P & A) of the company -Mr. A. K. Mukherjee was appointed as an Additional Director on the Board of the company 2013 -Mr. G. Mathi Vathanan has been appointed as Chairman-cum-Managing Director of the company