Mukand Ltd

Mukand Ltd

Mukand Limited incorporated on 29th November 1937 at Mumbai mainly deals in manufacture of special alloy steel / stainless steel billets bars rods wire rods EOT cranes material handling equipment and other industrial machinery and comprehensive engineering services. The Company is a leading supplier of alloy steel to the automobile and auto component industry and a leader in the manufacture of high grade stainless steel in India. With manufacturing facilities in both Dighe Thane - Maharashtra and Ginigera Karnataka Mukand produces hundreds of grades of steel long products in the form of wire rods bars wires and bright bars. Mukand Holdings Pvt Ltd was incorporated as an investment company and became as a subsidiary of Mukand in the year 1979 also became as a public limited company with effect from 30th June of the same year 1979. Ladle refining furnace and the vacuum degassing station of the company were successfully commissioned in the year 1983. The Research & Development (R&D) division of the company was formulated in January of the year 1984 to bailout the company's growth. Basic engineering package was received from BBC Brown Boveri Switzerland and the whole project was implemented during the year 1986. The R&D unit of the company had designed and installed a pilot plant in the year 1987 for production of larger quantities of coloured stainless steel components. The oxygen top and bottom blown converter was installed. The dust collection system was also installed and commissioned during the period of 1988. In 1989 Mukand Dravo Wellman Pvt Ltd became a subsidiary of the company. During the year 1991 orders were received from SAIL for supply of Oxygen furnace equipment for its Rourkela steel plant modernisation project. The Machine Building division of the company had received preliminary acceptance certificate in the year 1992 for successful commissioning of 11000 TPA of equipment for medium merchant and structural mill project of Visakhapatnam steel plant. In order to concentrate on the main business the company transferred the business of Engineering Construction Division to Mukand Engineers Ltd in the year 1993. The Rolling Mill division of Mukand was set up and commissioned solution annealing furnaces and related downstream facilities in the year of 1995 for coil finishing. Mukand Industrial Machinery Ltd became a wholly owned subsidiary of the company with effect from 31st March of the same year 1995. The Company had entered into technical know-how agreement in the year 1996 with a leading Japanese consultancy firm which would study the company's operations and would implement know-how include training of personnel by the Japanese. During the year 1999 Mukand had developed a series of innovative technological processes to cope with the current slump in the industry. The Company Satyam Infoway and M K J Enterprises had entered into a joint venture agreement in 2000 to launch a new company for an e-commerce global portal or web marketplace for steel trading. During the year 2003 the company became as potentially sick industrial company after two years Mukand was ceased to be a potentially sick industrial company in the year 2005.In December of the year 2005 the steel plant in Dighe Thane was awarded the Total Productive Maintenance (TPM) excellence award by the Japan Institute of Plant Maintenance. During the year 2006-07 the company for the first time manufactured and supplied a 500 ton capacity EOT crane 100 ton hammer head crane and a 30 ton electric level luffing crane under Industrial Machinery Division. Mukand had inked an agreement with NV Bekaert SA Belgium in September of the year 2007 to form joint venture (JV) company for produce stainless steel wires in India for global markets. The Company had secured worth of Rs 1.54 billion order from SAIL-IISCO in December of the year 2007 for the process of expanding its capacity at Burnpur in West Bengal. Mukand had signed a joint venture agreement with Vini Iron & Steel Udyog in September of the year 2008 to undertake captive mining of coal block in the State of Jharkhand. The Company plans to set up a stainless steel wire manufacturing facility near Nashik with total investment of Rs 3 billion.During 2011 the Company increased its heat treatment and quality assurance facilities at its steel plant at Dighe Thane. It installed a 15 mega watt captive power plant based on waste gases emitted from the mini blast furnace at the Steel Plant at Ginigera Karnataka which commissioned in May 2011. The Sinter Plant was commissioned in December 2012.The Board on March 27 2017 had approved Scheme of Arrangement and Amalgamation amongst the Company Mukand Vijayanagar Steel Limited (MVSL) and Mukand Alloy Steels Private Limited (MASPL) and their respective Shareholders and Creditors for transfer of its Alloy Steel Rolling & Finishing business from the Appointed Date of the Scheme 1st January 2017.In January 2017 Company transferred its alloy steel rolling and finishing business to a new Company Mukand Alloy Steel Limited from Appointed date 1st January 2017 a wholly owned subsidiary of Company. In May 2018 Japan's Sumitomo Corporation a Fortune 500 Company subscribed 49% of the equity of Mukand Alloy Steel Ltd which is rechristened as Mukand Sumi Special Steel Ltd. (MSSSL).On 16th July 2018 the Board of Directors of Company approved the Scheme of Amalgamation between Adore Traders and RealtorsPrivate Limited a wholly owned subsidiary of Mukand Global Finance Limited (MGFL) with the Parent Company MGFL followed by the amalgamation of MGFL and Mukand Engineers Limited (MEL) with the Company from the Appointed Date of the Scheme 1st April 2019. During March 2020 Company divested 9.07% of Equity Share Capital held by it in Mukand Sumi Metal Processing Ltd. (MSMPL) to its Joint Venture partner Sumitomo Corporation Japan and accordingly the Company holds 51% in the equity capital of MSMPL.The Board of Directors of MSMPL and MSSSL have approved demerger of alloy steel business of MSMPL into MSSSL as a going concern pursuant to a proposed Scheme of Arrangement amongst MSMPL MSSSL and their respective shareholders and creditors from the Appointed Date of the Scheme 1st April 2020.During 2022 the Company disposed off balance 21% of equity stake held by the Company in Mukand Sumi Special Steel Ltd a Joint Venture of the Company to Jamnalal Sons Private Ltd. an entity belonging to the Promoter Group of the Company for a total consideration of Rs.499.53 crore.During 2022 the Company developed micro alloyed steel with high vanadium for connecting rod applications and boron micro alloyed steel with specific end quenched hardenability used for crank pins; developed ASTM A 350 LF 2 and LF 6 alloy steel grades in heavy rounds developed for flanges used in the Oil and Gas industries. The stainless steel division developed martensitic stainless steel grade 410L with low Carbon for ribbed bars used in the construction industry. The Company replaced its Vaccum Oxygen Decarburising vessel that was installed in the year 1988 with a new one; also replaced the 132 kv transmission tower.