Bihar Sponge Iron Ltd Share Price

Summary

Incorporated at Patna, Bihar, on 16 April, 1982, Bihar Sponge Iron Limited is an Indo-German venture, promoted in the joint sector by Modi Industries, Modi Rubber and their associates, along with the Bihar State Industrial Development Corporation Ltd. (BSIDC) and Lurgi, Germany. It is the first merchant sponge iron plant in India. The plant is located in Saraikela Kharsawan, Jharkhand.The Company produces sponge iron from three kilns with an installed capacity of 2,10,000 MT per annum. The Companys primary product, sponge iron, is a high quality pre reduced ferrous material and, therefore, is preferred to most other materials in place of steel scrap by secondary steel producers operating induction and electric arc furnaces for producing long products for meeting the demand of the construction and infrastructure sectors.The Plant started commercial operations in 1989. In Aug.90, the Company came out with a rights issue. The Companys net worth eroded more than 50% from the peak during the last four financial years, as a result, it was referred to BIFR and was declared sick. IFCI was appointed as the operating agency, for preparing a rehabilitation scheme.The Company commissioned 5 MW Captive Power Plant in 2002-03. The Company had entered into a Facility User Agreement dated 30.12.2020 with Vanraj Steels Private Limited, Mr. Manoj Kumar Agarwal and Parasnath Advisory Private Limited. After complete overhauling and renovation work of the plant as well as the railway siding, the
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