Kanakdhara Steels was incorporated on 4 Oct.'83 and became public in 1986. It was promoted by Sudarshan Khaitan. The company has an installed capacity to manufacture 50,000 tpa of stainless steel. It also manufactures various grades of mild and alloy steel.
The company came out with a public issue in Dec.'93 to finance a project for setting up a rolling mill and for long-term working capital. Accumulated losses of 1993-94 and 1994-95 wiped out the entire net worth of the company. Hence, it was referred to the BIFR. It has been registered by the BIFR and a complete revival package has been submitted to BIFR.
The company has decided to change its product-mix suitably to ensure a much wider market, with scope for exports. The thrust is on products with a much higher contribution. The company should start the manufacture of more value-added items like industrial fasteners, bright bars, forging grade steel, etc, in addition to utensil grade stainless steel.
It is awaiting the appointment of an operating agency by the BIFR, for necessary appraisal. At present, the company is closed.