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Orissa Industries Ltd.

BSE: 502260 Sector: Engineering
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Orissa Industries Ltd
NSE 05:30 | 01 Jan Orissa Industries Ltd

Orissa Industries Ltd. (ORISSAINDUSTRIE) - Company History

Incorporated in 1944 and promoted by the Jhunjhunwala family Orissa Industries (ORIND) is chaired by S C Kuchhal. It came out with a rights issue of 40.48 lac equity shares with detachable warrants aggregating Rs 10.12 cr. Orind is one of the largest manufacturers of refractories in India and offers a wide product range serving industries like steel cement glass aluminium zinc fertilisers and petrochemicals. Orind is also one of the ten largest producers in the world of resin-bonded magnesia carbon products. It also manufactures sanitaryware crockery salt glazed stoneware pipes and fittings. Orind has entered into a marketing arrangement with Indo Asahi Japan for exports. It has also signed an agreement to transfer technology to IREPCO Iran -- first in the history of the Indian refractory industry. It has also promoted Orind Exports to explore foreign markets and set up joint ventures abroad. Orind Exports is setting up a refractory plant in China in the name of Orind Xiyang. Orind exports its products to many countries including the UK the US Singapore Sweden Japan Mexico Finland South Korea etc. In fact about 50% of refractory exports originate from Orind. In recognition of its outstanding export performance the Chemical & Allied Products Export Promotion Council (CAPEXIL) conferred a special award to Orind for four consecutive years. The much-coveted Europe Quality Award was received by Orind which also bagged the coveted ISO 9001 quality certification for magnesium-carbon refractory bricks from the National Quality Assurance UK in 1995.The company has entered into a joint venture agreement with Lafarge Refractories Monolithics (LRM) of France for manufacture of high alumina precast and unshaped refractory products under LRM's licence and to sell the same in India.The company has been registered as a sick industrial company and IDBI has been appointed as Operating Agency.The rehabilitation package is under preparation.The second phase of modernisation work of Orind Refractories Ltd.China has been completed during the year 2000-01 and commercial production commenced from February 2001.