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26-Nov-2009 Business Profile
Orissa Sponge Iron & Steel (OSISL), formerly known as Orissa Sponge Iron, was incorporated in 1979, The company was jointly promoted by The Torsteel Research Foundation of India (TRFI) and Industrial Promotion and Investment Corporation of Orissa Ltd.The company is engaged in the manufacture of sponge iron and steel billet. It was the first commercial scale coal based Sponge Iron Plant in India and one of the first few in the World. The plant went into commercial production in 1984 with process technology from Allis Chalmers Corporation of U.S.A. using 80% coal and 20% oil. The company`s plant is located at Palaspanga in Orissa. The installed capacities of the company are 1,00,000MTPA of Sponge Iron, 1,00,000 MTPA of Steel Iron and 15 MVA of Power. OSISL has one subsidiary company namely Bamra Iron and Steel Company (India) .The company has signed an MOU with the Orissa State Govt to develop a steel making capacity of one million tonnes per year over a period of six years, as a condition of their granting of iron ore mining lease. This capacity will be built in two locations i. e. Palaspanga & Bamra. The Bamra unit will be implemented by a separate company already incorporated several years ago which is a subsidiary company of OSISL.
Recent Developments
03-MAR-09
Bhushan Energy through IDFC-SSKI has announced an open offer to acquire 20% of equity capital of the company. The offer commences on Apr. 24, 2009 and closes on May 13, 2009.
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