Southern Ispat & Energy Ltd Company Summary

Southern Ispat & Energy Ltd Summary

Southern Ispat Limited (SIL) was incorporated on 27th Jun.95 as a public limited company at Cochin and commenced business on 30th Aug.95. It has been promoted by Vivek Agrawal, Sushil Kumar Pansari, Ramesh Chandra Verma and Ansuya Devi Agrawal.The company is setting up a composite Mini Steel Plant comprising of Ingot casting and Rolling Mill for the manufacture of Mild Steel CTD Bars, Angles, Sections and other rerolled products with an installed capacity of 21,000 TPA in the State of Kerala. The total cost of Plant and Machinery required for the proposed project including erection, installation, insurance etc. is estimated at Rs 3.99 crores.SIL proposes to get the technical consultancy services from M/s Raipur Industrial Consultants Pvt Ltd. During Feb.96, SIL came out with a public issue of 31,50,000 equity shares of Rs 10 each for cash at par aggregating to Rs 3.15 crores to part finance the project.During the year 1996-97, the commercial production of Metallic Abrasives and C I Castings Mould has commenced from Dec96. The companys production has been affected due to delay in supply of power to it unit by KSEB.The company has successfully completed the upgradation of Plant & Machinery during December 2004 and started production.Following the upgradation,the capacity of the plant would be doubled. The company has already tied up with a foreign raw material supplier for its requirement. With the rise in demand in Steel Sector,the company has set up a Sponge Iron manufacturing unit in Kerala with initial capacity of 30000 TPA.The company has received a purchase order worth above Rs.10 crores during January 2005 from Indicaa Global,Dubai for 4000 MT of quality C I Castings.