Kanishk Steel Industries Ltd

Kanishk Steel Industries Ltd

Promoted by the Gupta brothers in 1989 as a private limited company Kanishk Steel Industries has an installed capacity of 50000 tpa to manufacture various steel products like tors rounds squares and profiles and structurals like channels joints I-beams etc. It became a public limited company in Apr.'92 and entered the capital market in Nov.'92 to fund its expansion programme. The company has embarked on an eco-friendly process of power generation through wind mills by installing a 6-MW wind power project and has already started generating 4 MW. To augment resources for this project it offered a (1:1) rights issue of FCDs aggregating Rs 25 cr. The issue was also instrumental in increasing the capacity of the steel re-rolling mill from 50000 tpa to 66000 tpa. A sizeable portion of its production is through conversion contracts with Indian Iron & Steel Company Rashtriya Ispat Nigam and other producers of semis. The company has expanded and diversifed its activities at a cost of Rs 400-cr integrated steel project (cap.: 3 lac tpa of steel billets) a technical assistance agreement was signed in Nov.'94 with the Chongquing Iron & Steel Company China.