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Shri Ishar Alloy Steels (SIASL), the flagship of the Indore Steel group, was incorporated in 1969 to set up a mini steel plant to manufacture alloy, carbon and stainless steel billets in Madhya Pradesh. The company produces steel ingots with technical consultancy and process know-how from Inteco, Austria. SIASL belongs to the Shri Ishar group and has been promoted by Hardial Singh Bubber and his sons. The other group companies are Indore Wire Company, Indore Steel and Iron Mills and Shri Ishar Agro.
In 1984, SIASL entered into an agreement with Ovako OYAB, Finland, for the import of technical know-how to produce special steel grades, to improve productivity and yeild, to achieve cost reduction and for rationalisation of product mix. The company plans to diversify into the power, agro-products and brewery sectors. SIASL is the first Indian company to introduce ceramic tube protected casting (a process reducing the cost of refractories and the overall cost of production).
The company is co-promoting an overseas venture at the Jabel Ali Free TradeZone, Dubai, to produce stainless steel bright bars. This project will increase its foreign exchange income and also provide a good launching pad for exporting its products.
The company has proposed the amalgamation of Indore Steel & Iron Mills with it. Various new equipment have been added for better product quality and reduced production cost. In 1996-97, it earned a foreign exchange of Rs 2.58 cr.
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