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Eastern Mining & Allied Industries Ltd.

BSE: 500127 Sector: Metals & Mining
NSE: EASTMINING ISIN Code: N.A.
BSE 05:30 | 01 Jan Eastern Mining & Allied Industries Ltd
NSE 05:30 | 01 Jan Eastern Mining & Allied Industries Ltd

Eastern Mining & Allied Industries Ltd. (EASTMINING) - Company History

Eastern Mining Limited (EML), a public limited company, was originally incorporated on 25 Jan.'85 as Lotus Trading Co Pvt Ltd, subsequently rechristened to Eastern Mining Ltd in 1992. The company decided to change its name to Eastern Industries on 12 Aug.'95. The company is presently known as Eastern Mining and Allied Industries Ltd. It has been promoted by Trevor Sheffield Barih, an entrepreneur based in Shillong. EML is mainly in the business of mining, processing and sale of coal in the domestic and international markets. During Sep.'94, it came out with a public issue of 1,06,54,000 equity shares of Rs 10 each for cash at a premium of Rs 22 per share aggregating Rs 34.09 crores, to part finance the cost of the expansion of the existing capacity of 4,80,000 MTPA for mining, processing and sale of coal in domestic and International market by a capacity of 4,28,000 MTPA. Then project will be set up in the state of Meghalaya where mining and sale of coal is permitted without any Government control. It proposes to purchase about 1000 acres of mining areas at cost of Rs 1400 lacs. The company has been exporting to Bangaladesh and efforts are now on to export to Nepal. Due to the increase in demand from Bangladesh, it is acquiring new mines. The company now plans to produce metallurgical / merchant coke. The year 1997-98, was very bad for the company due to import of coal from the foreign market resulting from the reduction in import duty on coal effected by the central government and the liberal credit terms offerred by the foreign suppliers. In spite of this, the company acheive an increase in turnover from Rs. 2002.70 lacs to Rs. 2245.43 lacs.