JSW Ispat Special Products Ltd

JSW Ispat Special Products Ltd

JSW Ispat Special Products Limited (JISPL) formerly known as Monnet Ispat & Energy Limited is a manufacturer in the steel business focussed at producing and marketing products such as sponge iron ferroalloys structural steel billets and slabs which find varied applications across industries such as automobile construction and infrastructure and other transport industries such as ships trains train cars etc. The Company was incorporated on 1st February 1990. The Raipur sponge iron plant of the company was started with the capacity of 1 lac TPA in the state of Chattisgarh during the year 1994. During the year 2001-02 the company had implemented expansion project (Unit-II) by added one more sponge iron kiln of 1 30000 TPA capacity commercial production of the same was started in December of the year 2001. The Company had given shape to its long term holistic raw materials to finished product strategy in order to further weed out external margin in the year of 2002-03. Monnet Power Limited was merged with the company was formalized with effect from 1st January of the year 2004. MIEL had placed orders for all the plant equipments with long gestation period in the financial year of 2004-05.During the year 2005-06 the company had entered into a technical collaboration with Italian firm Scandiuzzi SRL to set up a steel engineering and fabrication facility in Haldia. The Company had changed its name from Monnet Ispat Limited to Monnet Ispat & Energy Limited. Consequent to that the fresh certificate of incorporation was obtained on 21st March of the year 2006. The new name reflects the true nature of the activities in which company is engaged. The structural steel mill of the company was commenced its production in the last quarter of financial year 2007. In May of the year 2008 the overseas arm of the company Monnet Global reached the final stage of acquiring the mining rights for a 250 million tons coal reserve in Indonesia from PT Anzawara. The Company is marching towards to achieve holistic leadership in terms of cost quality and customer satisfaction in a systematic & planned manner and also a symbol of corporate excellence with strong focus for benefiting stakeholders and society at large.During 2008-09 additional capacity of 0.50 Million TPA per annum in Sponge Iron Division and 90 MW in power divisions was put into commercial operation. The Company commenced implementation of 1050 MW Power Plant in its 100% subsidiary company Monnet Power Company Limited (MPCL).During 2009-10 Mounteverest Trading & Investment Limited (MTIL) a Group Company was merged into with Monnet Ispat & Energy Limited in Chhattisgarh on 9th November 2010 which became effective from 01 April 2009. The boiler drum lifting for both Unit 1 & Unit 2 were completed in the year 2012. Boiler hydro-test for Unit 1 was completed in April 2013. Further Black Sea Natural Resources Abkhazia and Black Sea Natural Resources Moscow became subsidiaries of the Company the during 2014-15 and Company wound-up its subsidiary Monnet Global Mali S.A. during the year. During 2017-18 Monnet Power Company Limited ceased to be a subsidiary of the Company; however it continues to be an associate of the Company. Further Odisha Sponge Iron and Steel Limited ceased to be an associate of the Company during year 2017-18.Hon'ble NCLT vide its Order dated 24th July 2018 approved the Resolution Plan submitted by consortium of JSW Steel Limited and AION Investments Private II Limited. Thereafter a new Board was constituted w.e.f. 31st August 2018 and new Management was put in place. Post acquisition by the Consortium the integrated steel production including Blast Furnace Electrical Furnace (Steel making) Ladle Refinery and continuous Casting of Steel was re-started at the Raigarh plant of the Company with effect from 8th February 2019. The Company stabilized special steel production and also commenced Slab production in FY 2022. During 2022 the Board of Directorsof the Company approved Scheme of Arrangement between the Company (Transferor Company) and Mivaan Steels Limited (Transferee Company) and their respective shareholders and creditors with Appointed date 31 March 2022 for transfer ofSpecified Undertaking of the Company pertaining to the manufacturing facilities at Raipur and mining facilities at Kanker and associated coal washery operations at Patherdih and certain other assets and properties. The Company acquired 100% equity share capital of Mivaan Steels Limited (MSL) and MSL accordingly became a wholly owned subsidiary of the Company with effect from 24 February 2022. The entire stake held by Monnet Global Limited (wholly owned subsidiary of the Company) in PT Sarwa Sembada Karya Bumi was sold to PT Srinata Mahajati Corpora (`SMC') a corporation established under laws of Republic of Indonesia at a net consideration of USD 1.075 million pursuant to binding Sale and Purchaseof Shares Agreement executed on 29 March 2022. The Company commissioned the Slab Caster at Raigarh facility in 2022.