Jayaswal Neco Industries Ltd

Summary

Incorporated as a private limited company and converted into a public limited company in Nov.85, Nagpur Engineering Company (NECO), the flagship of the NECO group, was promoted by Basant Lall Shaw and Arvind Kumar Jayaswal. Company is lead by Basant Lall Shaw as chairman and Arbind Jayaswal as managing director.Commercial operations commenced in 1976 to manufacture cast iron pipes and fittings by setting up the first foundry at Nagpur. It specialised in the manufacture of grey iron castings for railway tracks such as sleepers, brake blocks, bearing plates and municipal/public works castings such as soil/rain water pipes and fittings, manhole covers, etc.In 1987, the second foundry unit was established at Bhilai, MP. With a further increase in demand, the third unit was established in Anjore, MP, in 1991.To diversify its activities, NECO purchased a newly erected solvent extraction plant with a crushing capacity of 200 tcd and refining capacity of 25 tpd in Mar.93. This was subsequently enhanced to 500 tcd and 50 tpd respectively. The company came out with a public issue in Dec.94 to fund the expansion-cum-modernisation.In 1995-96, the company proposed to set up a coal washery project in the Chhindwara district of Madhya Pradesh with a capital outlay of Rs 41 cr.During the year ended Dec96, the company has approved the scheme of Amalgamation of Nagpur Alloy Castings Ltd along with Jayaswals Neco Ltd into the company w.e.f 1st Apr96.The company has been granted ISO 9002... Read More