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History of Oxides and Specialities Ltd.

The Comp. was set up in 1987 by Mr. G P Goenka as the chairman. It started production in 1991 to cater primarily to the domestic requiremenmts of Magnetic Iron Oxide or Gamma Ferric Oxide as an import substitute for magnetic costing of audio, video & computer tapes, has now reached an understanding to export these oxides to the US from where the technology was procured.

The Comp. has in March, 1994 entered into a Memorandum of Understanding with Magnox Inc. USA, the supplier of technology who have agreed to buy-back upto 40 per cent of installed capacity by 1995.

HOEL has plans to diversify into premium iron based pigments & chemicals. This will be developed in-house with the assistance of associate companies & their technical collaborators.