Malvika Steel (MSL) was incorporated in May '88 by Usha India of the Usha Group, as Malvika Steel Products Pvt Ltd. It went public in Mar.'93 and acquired its present name in Oct.'93. The company started operations in 1989 by taking up trading in steel and allied products. In Jul.'92, the sponge iron division of Usha (India), its promoter company, was transferred to the company. In Apr.'95, the company came out with a Rs 228 cr public issue to part-finance its Rs 1364 cr integrated steel project at Jagdishpur, UP, for the manufacture of 6.35 lac tpa of finished rolled steel products and 24,000 tpa of pig iron through the conventional blast furnace, the basic oxygen furnace, the LD converter and the concast route by installing high-productivity and energy-efficient blast furnace with provision for injection of natural gas/coal and oxygen enrichment. This is in technical collaboration with China Metallurgical Import & Export Corporation (CMIEC). The company has sinter plants, a continuous casting machine, a wire-rod mill and a captive 20-MW gas-based power project. Lurgi (India), along with Lurgi Metallurgic, Germany, shall provide technical know-how and will also design, engineer, supply, erect and commission two sinter plants of 56 sq mtr capacity each. During 1995-96, first phase of the integrated steel plant was completed and production of pig iron commenced. The company also commenced production in its power generation and distribution division. It is implementing a coke oven plant at Jagdishpur as a backward integration project for the steel plant. Commercial production of coke is expected to start from Jul.'97. During 1996-97, MSL increased the installed capacity of pig iron from 2,02,125 MT to 4,04,250 MT and power from 2,27,76,000 KWH to 6,83,28,000 KWH. The company is planning to take up Blast Furnace project in a phased manner with the aid of Financial Institutions and the commissioning of plant is expected in the fag end of 2001-02.