Elango Industries Ltd Company Summary

Elango Industries Ltd Summary

Elango Industries Limited, established in 1989, was manufacturing Steel Ingots from 1991 to 2003. The Company was promoted by Mr. S. Elangova. The Company came with Public Issue in 1993 for Rs. 2.63 Crore. It initially established a steel plant to produce steel ingots in Karaikal and Pondicherry in 1994. After about 10 years in the steel industry, it was sold and the promoters commissioned a 7 Mw Gas based power plant in 2005 in Mayiladuthurai. Later, seeing good prospects and opportunities in power generation business, another 63Mw captive power plant using coal was set up in 2012. Since then, the Company has majorly been a power generation and distribution company. It has been lately providing operation and maintenance services to power plants, which constitutes major revenue. Further, it started to market and sell the power produced by the power plants of its clients, to increase its revenue. During the financial years 2020-21 and 2021-22, however, the business is slowly recovering and the Companys financial position is better than the previous financial year. The Company is engaged primarily in the business of manufacturing steel ingots from the scrap materials. The plant is located at Marathur Village, in Maiyladuthurai of Nagai District. The Company focuses on external power contactor (EPC) contract for power plant. Kaveri Gas Power Limited (KGPL) is a special purpose vehicle (SPV), which was promoted by the Company. KGPL operates a natural gas-based captive power plant of 14 megawatt capacity at Maruthur Village, Mayiladuthurai Taluk, Nagapattinam District in Tamil Nadu, India.