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Somani Iron & Steels (SISL) was incorporated on 21 Jun.'71 as Somani Steels and got its present name on 25 Jul.'86. Its unit is located in Uttar Pradesh. The company was promoted by the Somani family of Kanpur, in 1971. R K Somani is the chairman and managing director.
Other group companies are Somani Enterprises, and Steel Enterprises. SISL came out with a public issue of 36.50 lac equity shares (premium : Rs 20) aggregating Rs 10.95 cr, in Sep.'94, to part-finance a modernisation-cum-expansion programme, to increase its existing capacity from 50,000 tpa to 300,000 tpa. The company manufactures steel ingots / steel castings. SISL's clients include RHL Profiles, other re-rolling mills, and also the organised sector. The modernisation-cum-expansion programme consists of addition to its existing furnaces with ultra high-power (UHP) eccentric bottom tapping (EBT) electric arc furnaces (EAF), etc.
The company has taken power for its new plant at 220 KV voltage, this will ensure a regular assured and better quality of power for the plant.
The company's networth has been totally eroded during the year 2000, hence the company has become a sick industrial company under SICA and a reference has been made to the BIFR which appointed IDBI as its operating agency.
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