Ambuja Electrocastings (AEL) was incorporated as a public limited company on 29 Mar.'89 and commenced business on 31 Mar.'89. The company has been promoted by Durga Prasad Gupta (the chairman of the Ambuja Group of Industries) along with Gopi Krishan Gupta. Durga Prasad Gupta is the chairman and Gopi Krishan Gupta is the managing director of the company. AEL is engaged in the manufacture of steel castings with an installed capacity of 33,000 tpa. In the forward integration project, the company proposes to add a hot rolling mill to its existing set-up to manufacture mild steel rods, angles, channels and CTD bars to cater to the construction industry, thus increasing the installed capacity to 50,000 tpa. AEL came out with a rights issue of 96.83 lac equity shares at premium of Rs 8, aggregating to Rs 17.43 cr, in Nov.'94. The proceeds of the issue were utilised to part-finance a Rs 19.32-cr project to increase the M S ingot capacity to 63,000 tpa and to set up a rolling mill with a capacity of 50,000 tpa. The plant is located at Nasriganj (Patna district), Bihar. Ambuja Zinc and Lakshmi Cement and Ceramic Industries are the group companies of AEL. It was awarded an export award in 1994 by Bihar Industries Association for its excellent export performance. It has floated a joint venture in Nepal -- Ambuja Electrocastings (Nepal) -- which is running a mini steel plant.