JSW Ispat Special Products Ltd Merged Company Summary

JSW Ispat Special Products Ltd Merged Summary

Monnet Ispat & Energy Limited (MIEL), formerly known as Monnet Ispat Limited (MIL) was incorporated on 1st February 1990. The Company was promoted jointly by Sandeep Jajodia and Jindal Strips, its principal activities are to manufacture and market Sponge Iron, Steel and Ferro Alloys. In addition, MIEL is engaged in mining of coal and power generation for captive consumption. For the manufacturing purpose, the company has two workstations in Chattisgarh state. The Raipur sponge iron plant of the company was started with the capacity of 1 lac TPA in the state of Chattisgarh during the year 1994. During the year 2001-02, the company had implemented expansion project (Unit-II) by added one more sponge iron kiln of 1, 30,000 TPA capacity, commercial production of the same was started in December of the year 2001. The Company had given shape to its long term holistic raw materials to finished product strategy in order to further weed out external margin in the year of 2002-03. Monnet Power Limited was merged with the company was formalized with effect from 1st January of the year 2004. MIEL had placed orders for all the plant equipments with long gestation period in the financial year of 2004-05.During the year 2005-06, the company had entered into a technical collaboration with Italian firm Scandiuzzi SRL to set up a steel engineering and fabrication facility in Haldia. The Company had changed its name from Monnet Ispat Limited to Monnet Ispat & Energy Limited. Consequent to that, the fresh certificate of incorporation was obtained on 21st March of the year 2006. The new name reflects the true nature of the activities in which company is engaged. The structural steel mill of the company was commenced its production in the last quarter of financial year 2007. In May of the year 2008, the overseas arm of the company, Monnet Global reached the final stage of acquiring the mining rights for a 250 million tons coal reserve in Indonesia from PT Anzawara. The Company is marching towards to achieve holistic leadership in terms of cost, quality and customer satisfaction in a systematic & planned manner and also a symbol of corporate excellence with strong focus for benefiting stakeholders and society at large.