Usha Ispat (UIL) was incorporated as a private limited company under the name Rai Coated Steels Pvt Ltd in May '88. It became a deemed public limited company in Jun.'88 and acquired its present name in Mar.'89. UIL belongs to the Usha group and was promoted by Usha India, managed by Chairman Vinay Rai. UIL is one of the largest producers of pig iron in India which caters to various sectors like engineering, agriculture, Defence, Railways, post & telegraph, and shipping.
The company commenced commercial production at the Redi plant in 1993 with one blast furnace. In 1994-95, it set up two more blast furnaces with technology from China Metallurgical Import Export Corporation. The fourth blast furnace is expected to be operational in Sep.'96. It also proposes a forward integration into steel. This will be through the establishment of complete steel making facilities with long product mill at the Redi site to produce 0.6 mtpa of re-inforced bars and structural sections. The products will service the envisaged rapid growth of infrastructural diamonds including housing, highways, ports, etc.
It has started work to expand hot metal capacity to 1.2 million TPA and also to convert a part of that produce 6,00,000 TPA of structural steel. The project envisages setting up of two new blast furnaces, two basic oxygen furnace (BOF), sinter plant, oxygen plant, captive power plant and rolling mills.
In 1999-2000, progress in implementation of integrated steel plant at Satarda has been slow on account of inadequate release of funds by the institutions against sanctioned loan. The company has been forced by legal & audit department to abandon the project. The Company has got ISO 9002 accredition.
Usha Udyog Limited has been amalgamated with the Company w.e.f. 6.09.1999. The shareholders of erstwhile Usha Udyog Ltd. have been allotted 90,11500 fully paid equity shares of the Company as per the Scheme of Amalgamation for the shares held by them in erstwhile Usha Udyog Ltd.