|
VBC Ferro Alloys was incorporated on 3 Oct.'81 as a public limited company in Andhra Pradesh. Other group companies are VBC Chemicals VBC Finance and Leasing etc. The company manufactures ferro silicon at its plant in the Medak district of Andhra Pradesh. It had a technical collaboration with Elkem Metallurgy Norway for the manufacture of ferro silicon. The company came out with an issue of 2.29 lac 14% PCDs of Rs 350 in Nov.'89 to part-finance setting up a project to expand the ferro silicon capacity from 10000 to 15000 tpa and a diversification programme to manufacture 16000 tpa of low phosphorous pig iron with a project cost of Rs 14.78 cr. Its major clients are the integrated steel plants in the public and private sectors mini-steel plants and foundries. In 1991-92 due to the un-remunerative market conditions for ferro silicon the company switched over to manufacture high-carbon ferro chrome under a conversion agreement with the TISCO. However the conversion process was not successful due to low capacity utilisation. This factor along with the power cuts made the company incurr losses and it became sick. The company was referred to the BIFR. In 1995-96 IDBI prepared a rehabilitation package which was approved by the BIFR and agreed by the financial institutions.During 1999-2000 M/s TUV Germany has awarded the company with ISO 9002 Certificate after exhaustive audit of the company's systems and procedures.
|
