Company History - Tata Steel Long Products
1982 - The Company was incorporated on 31st July 1982. It
Sponge Iron. The Company was promoted jointly by the
Promotion & Investment Corporation of Orissa Ltd. and The
Iron & Steel Co. Ltd. to set up in the joint sector a plant
the manufacture of sponge iron.
- The company decided to employ the TISCO Direct Reduction
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
technical know-how for the TDR process.
- The Tata Iron & Steel Co. Ltd., indicated their willingness
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
Association. 31,99,970 shares reserved and allotted to
and 29,99,960 shares reserved and allotted to TISCO.
shares offered at par for public subscription during
1986 - The Company became a potentially sick company as more than 50%
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,
plant was shut down for 105 days in the first half of the
and for 47 days in the second half of the year.
- To overcome the raw material shortage, the company entered
a conversion arrangement with Tata Steel at a mutually
- Tata Steel proposed to install 2 small crushers within the
to crush the lump iron ore which was easily available. The
Company installed two captive DG sets each of 1000 KVA
- The Company entered into a foreign collaboration agreement
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
held on 13th September. As directed by BIFR, necessary
rehabilitation package was submitted to IDBI, the lead
institution, seeking certain reliefs/concessions together with
loan of Rs 385 lakhs for implementing the lurgi modification
scheme mentioned below under the caption `Foreign
1989 - Financial institution sanctioned certain reliefs/concessions
- The Company received the Industrial licence for increasing
capacity to 1,20,000 TPA.
1990 - Production declined to 58,676 tonnes due to 109 days plant
down for implementation of the modification-cum-upgradation
scheme followed by two more shut downs for a total period of
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
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
- 34,00,000 No. of equity shares allotted at par on conversion
loan to financial institution.
1995 - The expansion project for raising the capacity from 1,20,000
to 2,40,000 TPA by installation of an additional kiln was now
1996 - Profitability decreased due to increase in input cost and hike
- 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
has bagged first prize for two consecutive years from
- The Company received first prize in the category Lowest
Frequency Rate of Accident, and for the year under review, it
was awarded first prize for The Longest Accident Free Period.
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
potable drinking water, construction of school in
village, repairing and adding class rooms in Bilaipada
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
sponge iron from the siding.
- During the year the Company secured second position in the
share of eastern India and has plan to notch-up top position
the coming years.
- The Company has been actively participating in the promotion
educational and social welfare activities for the inhabitants
its surrounding villages.
1999 - During the year, the company entered new markets and
have been made for the first time to markets in the
from the company's newly constructed railway siding.
- The company has started development work at the Khondbond
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,
-Delist from The Delhi Stock Exchange Association Ltd (DSE) with
effect from December 11, 2004.
-LIC launches Jeevan Akshay-III
-The Company along with Messrs Scaw Industries Ltd and SPS Sponge
Iron Ltd have been allotted a coal block by the Coal Ministry.
-The company has recommended a dividend of 40% (Rs 4/- per share).
-Mr. P C Parakh and Mr. Suresh Thawani has been appointed as
Additional Director on the Board of the Company. Mr. Suresh Thawani
has also been appointed as the Managing Director of the Company.
-Mr. Sudhir Deoras has again been appointed as Additional Director in
the non independent and non-executive capacity .
-The Company has recommended a dividend of 40% (i.e. Rs 4 per equity
-The Company has recommended a dividend of 70% (Rs 7/- per share).
-Tata Sponge Iron bags Golden Peacock Natioanal Quality Award.
-Earth Care Award 2008 for Tata Sponge.
-The Company has recommended a dividend of 80% (i.e. Rs 8 per equity
--Mr. A.M. Mishra has been appointed as Director and Chairman of the
-Tata Sponge receives OHSAS certification
-Tata Sponge wins CII award
-Tata Sponge Bags State Safety Award
-Exhibition on Green Technologies at Bhubaneswar
-GreenTech Environment Gold Award 2009
-The Company has recommended a dividend of Rs. 8/- per equity share
-Tata Sponge Registers Superior Plant Performance
-Tata Sponge bags SPCB Environment Award for 2010
-Tata Sponge wins Green India Award for Environment Excellence
-Mr. Manoj T. Thomas has been appointed as Additional Director
(Non-executive and Independent) of the Company.
-The Company has recommended a dividend of Rs. 8.00 per equity share
-The Company has recommended a dividend of Rs. 8 per equity share
-Mr.Sundararamam Dwaraka Bhamidipati has been appointed as Additional
Director (Non-executive and Non-independent).
- Mr. Manoj T. Thomas, who was appointed as Additional Director
(Non-executive and Independent) has been confirmed Director.
-Mr. S. Srikanth has been appointed as Director (Independent and
-Tata Sponge Iron Ltd jumped over 5 per cent on the Bombay Stock
Exchange after the company emerged as a successful bidder for award
of 24,000 tonnes per annum of coal.