Originally promoted by M P Saraf as Annapurna Engineering Pvt Ltd in 1982, Monnet Industries was converted into a public limited company in Feb.'84. In Jul.'89, Sandeep Jajodia, the present managing director, became the promoter of the company. In Apr.'92, pursuant to the company having set up the ferro chrome project, the name was changed to Monnet Ferro Alloys.
Till 1991, no major operations were being carried out by the company, except for the sale and purchase of investments. In 1991, it set up a plant to manufacture 6000 tpa ferro chrome at Raipur, Madhya Pradesh and the commercial production commenced from Mar.'91. In Mar.'94, Rinpet Financiers Pvt Ltd (RFL) was amalgamated with the company, after which it acquired its present name (MIL), reflecting the diverse business activities of the company.
The company expanded its capacity from 6000 tpa to 12,000 tpa, which was completed in Feb.'96. With the increase in the capacity, it can produce other ferro alloys such as ferro manganese, ferro silicon, etc, in addition to ferro chrome. The company has a buy-back arrangement with Jindal Strips for 6000 tpa ferro chrome.
MIL went on a public issue on 14 Aug.'96 to part-finance the project to set up an integrated sugar complex with an installed capacity of 2500 tcd, expandable to 5000 tcd, with facilities for co-generation of power upto 6 MW, in Uttar Pradesh.
During 1996-97, MIL availed of rupee term loan of Rs 6.30 cr from IFCI to finance some equipments so as to increase the existing cane crushing capacity from 2500 TCD to 3125 TCD and also to sell the surplus power of 1.8 MW to the UPSEB for which the company has signed a purchase power agreement with them.
The company has increased the crushing capacity of the sugar mill from 3125 TCD to 5000 TCD in the year 1999-2000.
During the year 2000-01, the company has exported 18.43 lakh units of power being the surplus -over and above the power consumed for Sugar operations- to UPSEB under the Power Purchase Agreement(PPA) dated 30.12.1995 signed with them.